Maharashtra, Gujarat cut fuel prices by Rs 2.50; Kerala, Karnataka refuse

04 October, 2018, 17:41 | Author: Eric Barnett
  • FM Arun Jaitley addressing a press conference at North Block in New Delhi

Announcing the cut in Delhi, finance minister Jaitley said the Centre would reduce the excise duty by Rs 1.5 per litre while oil marketing companies would absorb the rest Re 1 per litre. 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.

Within minutes of Jaitley's announcement, Maharashtra chief minister Devendra Fadnavis tweeted saying his government had "also made a decision to give additional relief" of Rs 2.50 on fuel rates in the state.

Petrol in Mumbai will now be available at Rs 86.34 per litre while in Ahmedabad, it will be available for Rs 78.21 per litre.

Finance Minister Arun Jaitley on Thursday cut petrol and diesel prices by Rs 2.50 per litre with immediate effect, providing some relief from rising fuel prices. The Centre and oil companies will also take a hit of Rs 1.50 per litre and Re 1 per litre respectively in their revenue.

Maharashtra, Gujarat and the other BJP ruled states were quick to hear him.

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.

The cuts will cost the Centre Rs 10,500 crore in tax revenues, he said.

Speaking on the reason for price cut, the Finance Minister said that there has been a significant impact of higher interest rates in the U.S. and crude oil prices on rising fuel prices in the country.

It is only the worldwide factors, primarily rising prices of crude and domestic policy and other measures like the interest rate hike by the U.S., which have affected India, Jaitley said adding domestic indicators were strong and stable. "Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat", he tweeted. To bring some relief to citizens, three states had reduced fuel rates in August, including West Bengal.

Rupee Thursday dropped to 73.77 against the dollar, resulting in expensive crude imports. Rajasthan, Andhra Pradesh and Karnataka are among the handful of states which have reduced Value-Added Tax. "Each and every state has their own situation [sic], so first, let the letter come".



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