India Introduces Fuel Relief On Rising Prices At The Pump

Arun Jaitley,Fuel price hike,Finance minister

As of Thursday, petrol prices in Delhi had climbed to ₹84 per litre and ₹91.34 in Mumbai; diesel was being sold at ₹75.45 and ₹80 in Mumbai.

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

Price cut in states like Gujarat and Maharashtra would be Rs 5 after they matched the announcement with a similar reduction in local sales tax or VAT rates. "First we will see the order, then make a decision on petrol and diesel [prices]", he added.

Over two-thirds of 61 economists said in a Reuters poll the RBI would lift the repo rate at least once by the end of 2018, with over half stating that there would be a 25 basis points rise in October. 1 drop by oil marketing companies, taking the cut in fuel prices to Rs. 2.50. When the global crude oil prices were at a historic low, the government continued to collect higher taxes on fuel, a strategy that in part helped it lower the fiscal deficit to 3.5% of GDP in the latest fiscal year.

In Kolkata, the petrol price was Rs 83.35 per litre while that of diesel was Rs 74.80 this morning. Central minister Arun Jaitley has also urged state governments to cut down state-VAT to reduce petrol prices further by about Rs 2.5. The effective reduction would be Rs 4.06 per litre.

Maharashtra, Gujarat cut fuel prices by Rs 2.50; Kerala, Karnataka refuse
Since April this year, prices of petrol and diesel has witnessed a steep upswing, baffling consumers all over the country . He said that Kerala would not reduce the tax on petroleum products as it would adversely affect the revenue of the state.

Several states on Thursday slashed fuel prices after the Narendra Modi-led Union Government announced a Rs 2.50 a litre cut in petrol and diesel prices.

While some states like Andhra Pradesh and Karnataka cut the fuel prices weeks ago by announcing a cut to the Value-Added Tax charged by the states, Tamil Nadu, Telangana and Kerala had maintained that it was up to the Central government to reduce the prices.

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.

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.

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