Fuel Prices: Center Finally Responds To Common Man’s Plight

Dwayne Harmon
October 4, 2018

Arun Jaitley announced that the Modi government will slash excise duty on fuel by Rs 1.50 per litre.

In the announcement, Jaitley has also asked state governments to announce a matching reduction in duties and taxes levied by the state, which could see the prices decrease even further.

Following Fin Minister announcement of cut of Rs 2.50 per litre in petrol & diesel prices, glad to share that Assam Govt has also made a decision to reduce Rs 2.50 on both petrol & diesel per litre, making it Rs 5 less than prevailing rates.

In a couple of hours, several BJP-ruled states also announced a matching Rs 2.50 cut, taking the total reduction to Rs 5.

Meanwhile, Maharashtra, Gujarat Government also chose to give additional relief of ₹2.5/litre on Petrol to give total benefit of ₹5/litre in the State. It is to be noted that the Maharashtra government has reduced the price of petrol only and not diesel. Only a few weeks ago, multiple media reports, quoting anonymous senior government officials, indicating that the government had no plans of cutting excise duty.

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Maharashtra CM Devendra Fadnavis thanked PM Modi and Finance Minister Arun Jaitley for excise duty cut.

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan, who is in Bhubaneswar at present, requested Odisha Chief Minister Naveen Patnaik to cut taxes on fuel, ANI reported. 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. In Delhi, where the fuel prices are the lowest among all metros and most of the state capitals, petrol is now sold at Rs 84 per litre and diesel at Rs 75.45. "We are happy to reduce prices of fuel as much as announced by the Centre", Kesarkar said. Last month, Rajasthan, Karnataka and Andhra Pradesh had reduced Value-Added Tax to cushion consumers for a spate of price increases. Brent, the benchmark for more than half the world's oil, has touched Dollars 86 per barrel mark, the highest in four years.

The reduction followed petrol and diesel prices touching new highs. To bring some relief to citizens, three states had reduced fuel rates in August, including West Bengal.

According to the Finance Minister, the move will have an impact of Rs 10,500 crore this fiscal but the government is confident of achieving the fiscal deficit target.

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