Petrol, diesel prices cut by Rs 2.50 after excise reduction

04 October, 2018, 19:12 | Author: Gerard Cortez
  • Petrol diesel prices to come down by Rs 2.50 govt cuts excise duty

Of the Rs 2.5 cut, the Centre will bear Rs 1.5 of the burden and oil marketing companies will take a hit of Re 1 per litre. Since August 2018, the states of Karnataka, Rajasthan, Andhra Pradesh, West Bengal and Kerala cut fuel prices by anywhere between Re 1 to Rs 2.

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.

Out of this, the oil marketing companies will absorb one rupee per litre and Excise duty on petrol, diesel to be cut by one rupee 50 paise.

Minister of State for Finance Shiv Pratap Shukla on Wednesday said Prime Minister Narendra Modi is chalking out plans to reduce the skyrocketing fuel prices.

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.

Nearly half of the fuel price is made up of taxes. "Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat" tweeted Chief Minister Vijay Rupani.

India stopped controlling petrol prices in 2010 and diesel prices in 2014, linking them to global crude markets in a bid to ease pressure on government finances and improve the earnings of oil refiners.

Maharashtra chief minister Devendra Fadnavis said that his government also decided to make a matching cut as this would be a "great relief" to the people. "Several macroeconomic data is indicating stable measures".

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The Uttar Pradesh government also reduced the price.

Rising petrol and diesel fuel prices have been a cause of public anger, with people in parts of the country blocking trains and vandalising vehicles in protest.

Jaitley said the excise duty cut would have an impact of Rs 10,500 crore on central government's tax revenues.

Some states - Rajasthan, Andhra Pradesh, West Bengal and Karnataka - had earlier slashed Value-Added Tax to pass on the benefits to people, but most other states have not taken any action so far.

The Congress leader dubbed as "lies" Jaitley's claim that the tax base has risen under the NDA government and said the buoyancy in taxes is due to money collected through rise in excise duty on petrol and diesel in the last 52 months.

The states have reduced the sales tax and VAT charged on diesel and petrol.

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

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