Fuel Prices: Center Finally Responds To Common Man’s Plight

Fuel Prices: Center Finally Responds To Common Man’s Plight

He also asked state governments to follow suit by cutting a sales tax or VAT by a similar amount.

Jaitley, however, downplayed fiscal implications around the fuel price cut. Jaitley further said that the ruling party and oil firms will deal with the price reduction by Rs 1.50 and Rs 1 respectively.

Pertinently, Union Finance Minister, Arun Jaitley Thursday announced a cut of Rs 2.50 per litre in petrol and diesel prices. State-run refiners will also cut the price they charge by 1 rupee per litre.

Chhattisgarh, Assam and Tripura also reduced the fuel prices by Rs 2.50 per litre, while Andhra Pradesh and flood-hit Kerala refused the centre's request. Surjewala asked why the "fuel robbery continued when the prices of crude oil reduced by 45 per cent internationally".

Jaitley said it will be a test for those states whose leaders were only tweeting and indulging in lip sympathy. Kerala was one of the first states to cut excise duty.

"Finance Minister Sh @arunjaitley Ji has announced Rs.2.5 cuts in petrol & diesel prices, reciprocating positively to FM's announcement, the Govt Of Gujarat has also chose to reduce Rs.2.50 on both petrol & diesel. The Centre should reduce prices by at least Rs 10".

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Transport fuel prices have continued on a daily record-breaking upward movement with petrol inching closer to Rs 84 in Delhi and having already crossed the Rs 91 a litre mark in Mumbai.

"By asking the oil marketing companies to absorb the price hike, the government is giving a signal that it can interfere at anytime in a deregulated market in the larger public interest", said Gagan Dixit, a senior analyst with Elara Capital. Of this, IOC's share would be roughly half and the rest split equally between HPCL and BPCL.

Rupee Thursday dropped to 73.77 against the dollar, resulting in expensive crude imports.

In India, nearly half of the price of retail fuel is due to taxes. Diesel prices in Chennai increased by 22 paise to Rs 79.79 a litre and by 20 paise to Rs 77.30 per litre in Kolkata.

"Since May 2014, Modi Government has fleeced and duped the common people by draconian taxation of Rs 13 lakh crore". States saw their Value-Added Tax revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18.

"I am confident we'll be able to maintain the fiscal deficit even after absorbing this", the minister said.

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