Thursday, 13 December, 2018

Petrol, diesel prices slashed by Rs 2.50 per litre

Petrol diesel prices to come down by Rs 2.50 govt cuts excise duty Jaitley lowers petrol, diesel prices by Rs 2.5 per litre
Orlando Vargas | 04 October, 2018, 17:41

In a press conference organised on Thursday afternoon, finance minister Arun Jaitley announced cuts in the Centre's excise duty on petrol and diesel by Rs 1.50 per litre while promising that the Central government would work towards effective relief of Rs 5 per litre.

He asked state governments to follow suit by cutting a sales tax or VAT by a similar amount. In response, the governments of Maharashtra and Gujarat have also announced a reduction in excise duties.

"I am also writing to the states to make corresponding cuts in Value-Added Tax of equivalent amount so that consumers get Rs 5 relief in retail prices", he said. "Today, after several inter-ministerial discussions, especially with the Department of Revenue and the Ministry of Petroleum and Natural Gas, it has been chose to give relief to consumers with an excise duty cut of ₹1.5 a litre, and the OMCs will factor in a ₹1 cut in their pricing formula". "The central and state government are working together to give more and more relief to the people", he told ANI. He said the Kerala government wants the Centre to remove taxes on petrol and diesel that were imposed when the BJP-led government imposed in 2014 after coming to power. The government has upped its ante and steps has been taken to cut down on the borrowing by Rs 70,000 crore and it has allowed OMCs to raise $10 billion.

While the decisions by the BJP-ruled states was expected, there was also a near immediate refusal by non-BJP states to cut fuel rates.

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"Excise duty to be reduced by Rs.1.50 and OMCs will absorb 1 rupee".

Additionally, oil companies are to be asked to absorb another Re 1 per litre. "So, a total of Rs 2.50 will be reduced on both diesel and petro", Jaitley said.

India is the third largest importer of crude oil and rising global oil prices are inflating domestic transport fuel costs in a strong demand environment. Brent, the benchmark for more than half the world's oil, has touched United States dollars 86 per barrel mark, the highest in four years. After the tax cut at central and state level, both petrol and diesel will be cheaper by Rs 5 in these states.

On Thursday, continuing the upward trend, petrol price in the national capital witnessed a fresh hike of 15 paise and is being sold at Rs 84 per litre.

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