Jaitley lowers petrol, diesel prices by Rs 2.5 per litre

by Ben Pena October 5, 2018, 2:10
Jaitley lowers petrol, diesel prices by Rs 2.5 per litre

Minister of Petroleum and Natural Gas Dharmendra Pradhan also lauded the decision, saying, "Thank (Narendra Modi) and (Arun Jaitley) for their decision to provide relief to the common man and reducing the excise duty levied on petrol and diesel by Rs 1.50".

Additionally, the union minister was generous enough to urge the state governments to follow the Center's footsteps and cut down the rates of petrol and diesel.

Apart from this, the oil marketing companies in India have been asked to bear the remaining burden of Re 1 per every litre and with this, the customers will get a relief of Rs 2.50 per litre on both petrol and diesel. Rupani also announced that petrol and diesel would be cheaper by Rs 5 cheaper in Gujarat. According to reports, Karnataka Chief Minister HD Kumaraswamy said that the state government will not reduce prices anymore since it has already announced a rate cut.

Jaitley said the decision to give relief to consumers was necessitated by the uncertainty regarding the worldwide oil prices and was made possible by better-than-expected revenue collections.

The strong US economy added with the mighty dollar has widened the current account deficit of India and it has also impacted significantly on the emerging markets across the globe.

Fuel prices reached new highs in other cities too - with petrol costing Rs 84 per litre in New Delhi, Rs 87.33 per litre in Chennai and Rs 85.80 per litre in Kolkata on Thursday. The revenue department will cut excise duty by Rs 1.50 and oil marketing companies will absorb Re 1 per litre.

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"It will be clear after this, which States mean what they write and actually implement the Value-Added Tax cut", Mr. Jaitley said.

Facing mounting criticism from the opposition and with Assembly elections round the corner, the Centre Thursday slashed petrol and diesel prices by Rs 2.50 per litre.

The new fuel prices would be effective in the state from this midnight, an official spokesman said. If the Centre is serious, it should reduce the tax to what it was when it assumed office.

Brent crude oil hit $86 per barrel on Wednesday, recording its highest level in 4 years. Diesel prices in Chennai increased by 22 paise to Rs 79.79 a litre and by 20 paise to Rs 77.30 per litre in Kolkata.

"The impact will be about Rs 21,000 crore for the full fiscal".

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