Petrol, Diesel cheaper by Rs 5 from midnight

Posted October 07, 2018

After much chaos regarding the fuel rate, the government has chose to cut down the price of the fuel. The announcement was made by Finance Minister Arun Jaitely today.

The decision was announced by finance minister Arun Jaitley after he held a closed-door meeting with Prime Minister Narendra Modi and petroleum minister Dharmendra Pradhan. Petrol in Panchkula is priced at Rs 79.99 per litre and diesel at Rs 71.67 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. That's aimed at checking a rise in retail prices which hit new highs every day as the Brent crude surged 28 percent his year. Owing to a cut in taxes by the Maharashtra government, the price of diesel in Mumbai is down by 70 paise and the fuel is being sold at Rs 76.75 per litre.

The Government will request state governments to cut down, he said.

He also said he would write to all the states to cut their respective taxes.

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Expressing confidence in the robustness of Indian economy, the Finance Minister said the current situation was "short-lived" and won't last indefinitely.

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.

Haryana government has also chose to give an additional relief of ₹2.5/litre on Petrol an Diesel to give a total benefit of ₹5/litre in the state, said Finance Minister Captain Abhimanyu. Worldwide crude oil prices are linked to geopolity, fluctuation in the exchange rate as well as the tax structure of respective states and the Centre.

"As far as the CAD is concerned, it is obviously linked to global oil prices in the Indian context".

Jaitley said the total impact of Rs 1.50 cut in excise duty is about Rs 21,000 crore for full year and Rs 10,500 crore the reminder of current fiscal.

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"When the prices go up the Centre receives a fixed amount per litre, whereas the revenue of states go up".

"Must not the non-BJP States be candid with the people and tell them that both in 2017 and 2018 they refused to give any relief to the people even from their higher revenues".

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

Transport fuel prices have continued on a daily record-breaking upward movement with petrol inching closer to Rs 84 in Delhi and having already crossed the Rs 91 a litre mark in Mumbai.

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