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Petrol, diesel prices slashed by Rs 2.50 per litre

Petrol, diesel prices slashed by Rs 2.50 per litre”

As the Modi government has given the big relief on Thursday by announcing to cut down the fuel rate of Rs 2.50, therefore, 14 states have also supported the decision of Centre and have even cut down the prices.

Indian stocks fell for a third straight session on Friday, dragged by shares of energy companies such as Reliance Industries Ltd and oil marketers, a day after the government announced a cut in fuel prices. The governments of Maharashtra, Gujarat, Chhattisgarh, Jharkhand and Uttar Pradesh - all under the rule of the Bharatiya Janata Party - have already said they will do so.

The government of India has finally pitched in to cut down the prices of fuel in India by cutting the excise on petrol and diesel. The petrol price in Mohali is yet to see further reduction and is priced at Rs 87.57 per litre and diesel at Rs 73.38 per liter, after the Centre's announcement of Rs 2.5 per litre reduction.

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.

Finance Minister Arun Jaitley has announced that effective immediately, prices of petrol and diesel will be slashed by Rs 2.5, pan India. The revenue department will cut excise duty by Rs 1.50 and oil marketing companies will absorb Re 1 per litre.

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While the Centre received a fixed revenue from excise duty on oil, states imposed ad valorem Value-Added Tax in percentage terms which go upto as high as 31 per cent, the minister said. But there are two factors, both external: one is the oil prices and the second is the policies within the USA which is leading to the hardening of the dollar itself, and therefore affecting other currencies all over the world.

Madhya Pradesh government has also made a decision to give an additional relief of ₹2.5/litre on Petrol and Diesel to give total benefit of ₹5/litre in the state, tweeted Madhya Pradesh CM Shivraj Singh Chouhan.

The turnaround was apparently prompted by the robust tax collections in the first half ended September 30. "So, a total of Rs 2.50 will be reduced on both diesel and petrol", said Jaitely.

Blaming the Centre for the frequent spurt in price of petroleum products, Isaac said it was the Centre that hiked the taxes on petroleum products.

However, the Federation of All Maharashtra Petrol Dealers Association (FAMPEDA), Chairman, Uday Lodh, while welcoming the reductions, pointed out that the daily price increase by the Oil Marketing Companies will continue as per the global crude oil price fluctuations. "India's domestic indicators were consistent and encouraging", the Finance Minister said.

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