Petrol, diesel prices slashed by Rs 2.50 per litre

Petrol, diesel prices slashed by Rs 2.50 per litre

Finance Minister Arun Jaitley said the Centre had made a decision to reduce excise duty by Rs 1.50 a litre and had asked oil companies to absorb another Re 1.

Sources said the Centre has also urged the State governments to slash taxes on petrol and diesel which will is likely to further reduce the prices by at least Rs 5 per litre.

In a tweet, Maharashtra Chief Minister Devendra Fadnavis thanked Prime Minister Narendra Modi and Jaitley for cutting petrol and diesel prices and said it will provide "huge relief" to the common man.

The Centre has chose to cut excise duty on petrol and diesel by Rs 2.50 per litre with immediate effect, Finance Minister Arun Jaitley said on Thursday. "The central and state government are working together to give more and more relief to the people", he told ANI. It is to be noted that the Maharashtra government has reduced the price of petrol only and not diesel.

The cut, which comes ahead of assembly elections in five states - Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram, will cost the exchequer Rs 10,500 for the remaining half of this financial year. "Each and every state has their own situation [sic], so first, let the letter come".

Jaitley said that in addition to excise duty being cut by Rs 1.5 per litre, oil marketing companies would also take a hit of Re 1 per litre as well. The total price cut in these states is now Rs 5 per litre. Jaitley said he on Wednesday met Oil Minister Dharmendra Pradhan and inter-ministerial consultations continued on Thursday. As on October 4, petrol prices stood at Rs 91.34 per litre in Mumbai.

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Jaitley said the move followed Brent crude oil touching a four-year high of $86 a barrel on Wednesday and interest rates in U.S. reaching a seven-year high. "We are happy to reduce prices of fuel as much as announced by the Centre", Kesarkar said.

Diesel is being sold at Rs 75.45 per litre in New Delhi, Rs 79.79 per litre in Chennai and Rs 77.30 per litre in Kolkata.

Rajasthan, Andhra Pradesh and Karnataka are among the handful of states which have reduced Value-Added Tax to give some comfort to consumers.

The Minister expressed confidence about meeting the fiscal deficit target despite the excise duty cut, saying increased revenue collections would absorb the impact of the cuts.

India is the third largest importer of crude oil and rising worldwide oil prices are inflating domestic transport fuel costs in a strong demand environment.

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