Petrol, Diesel cheaper by Rs 5 from midnight

Petrol, Diesel cheaper by Rs 5 from midnight

Pertinently, Union Finance Minister, Arun Jaitley Thursday announced a cut of Rs 2.50 per litre in petrol and diesel prices. "Apart from tax reduction in oil companies, if we also include a cut in other taxes, there would be an overall reduction of Rs 3 on fuel", dealers said.

The Centre has made a decision to cut excise duty on petrol and diesel by Rs 2.50 per litre with immediate effect, Finance Minister Arun Jaitley said on Thursday.

"For the reduction of Rs.1.56/litre in diesel prices, now don't squander Rs 1,500 crores in publicity, or people will be forced to shell out extra Rs. 10 to recover that", Munde added sarcastically.

"The government's move is positive as it will placate prices and inflation, said rating agency Care".

Since yesterday, prices of auto fuels declined the most in Assam and Madhya Pradesh, followed by Jammu & Kashmir, Chhattisgarh and Arunachal Pradesh. It said the Modi government has increased central excise duty on 12 occasions, raising the central excise on petrol by 211 per cent and on diesel by 443 per cent.

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The reduction in excise duty, only the second in four years of BJP-led NDA rule, will dent government revenues by Rs 10,500 crore and was aimed at cooling retail prices that had shot up to an all-time high. After you announced Rs 5/litre, implement it instead of giving just Rs 4.37/litre...

Fuel prices cut by ₹2.50 ($.034) a litre in several states across India. Now the OMCs (oil marketing companies) have been asked to absorb only Re 1.

Yet now that the higher oil prices have combined with a falling rupee after the latest quarterly economic growth figures turned out disappointing, with the deficit widening, India is facing a serious challenge in sustaining its growth while reducing the adverse impact of the latest oil market developments. Also, the rupee dropped to its lowest ever level of 73.77 against the dollar, resulting in expensive crude imports.

The Chandigarh administration has reduced the value added tax (VAT) on petrol and diesel, an official release said in Chandigarh. "After the cut in petrol and diesel prices, let's pray to have elections every month or perhaps every week", one tweet said.

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