Published: Sun, October 07, 2018
Finance | By Cynthia Curry

Central government cuts fuel prices by Rs 2.50 a litre in India

Central government cuts fuel prices by Rs 2.50 a litre in India

The move includes an excise duty cut of Rs 1.5 per litre by the Central government and oil marketing companies absorbing another Re 1 per litre. Gujarat government reduced petrol and diesel prices by Rs 2.50 per litre, while Maharashtra lowered petrol price by 2.50 per litre.

"What will they do now and last time also only the BJP and NDA-led state governments reduced Value-Added Tax".

While Rs 1.5 will be reduced in the excise duty, Oil Marketing companies will absorb Rs 1 reduced in price.

The state will do so if the Centre bring the fuel prices down to the level when the Narendra Modi government assumed office in May 2014, Issac told the media here while reacting to Union Finance Minister Arun Jaitley's statement in this regard.

Even though the central government and some BJP-ruled state governments reduced the prices by Rs 5 collectively, the results are not positive for the four metro cities, out of which, three are ruled by non-BJP governments. "Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat".

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Just last month, the Centre had said that it had no intention to cut excise duties on petrol and diesel and jeopardise its tax revenues. Their prices are likely to come down to below Rs 85 a litre and Rs 80 a litre respectively on Friday.

Bihar Deputy Chief Minister Sushil Kumar Modi said his government has not received any letter from Jaitley on the matter, ANI reported. "First we will see the order then make a decision on petrol and diesel. #FuelPriceCut", tweeted the CM. "The government's aim is to give relief to the consumer by increasing their purchasing power without impacting the fiscal deficit", he said.

In Kolkata, the petrol price was Rs 83.35 per litre while that of diesel was Rs 74.80 this morning.

Petrol prices in Mumbai have also witnessed a hike of 18 paise and are being sold at Rs 87.15 per litre, however, the price of diesel has decreased by 70 paise and it is being retailed at Rs 76.75 per litre.

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