Economy

Petrol prices cut by Rs 5 in Maharashtra

Petrol prices cut by Rs 5 in Maharashtra

The new prices came into effect from midnight. When the price was reduced yesterday, the critics did a volte face and argued that this is bad economics, Jaitley wrote in the blog, published on his verified Facebook account.

Chief Minister of Maharashtra, Devendra Fadnavis, has also tweeted that the state government will reduce prices of petrol and diesel, with the former now costing Rs 5 less. A high-level meeting convened by the Prime Minister Narendra Modi has chose to reduce the Excise Duty by 1.50 Rupees. The revenue department will cut excise duty by Rs 1.50 and oil marketing companies will absorb Re 1 per litre.

After providing a relief of two days to the common man over rising fuel prices, the petrol and diesel prices again saw a hike of 18 paise and 29 paise respectively in Delhi.

Jaitley said he on Wednesday met Oil Minister Dharmendra Pradhan and inter-ministerial consultations continued on Thursday. "The government's aim is to give relief to the consumer by increasing their purchasing power without impacting the fiscal deficit", he said.

Jaitley attacked the opposition further asserting that non-BJP ruled states have not provided fuel price relief to consumers. State-run refiners will also cut the price they charge by 1 rupee per litre.

Jammu and Kashmir: Petrol and Diesel prices in Jammu and Kashmir have been slashed by Rs 5 per litre, the state government. Oil prices were on freeze for 19 days during the Karnataka Assembly polls in May this year despite a spike in worldwide crude prices.

The price cut is likely to result in a loss of margin of 70-72 billion Indian rupees on auto fuel sales, according to K Ravichandran, senior vice president, corporate ratings, at ratings agency ICRA Ltd. Of this, IOC's share would be roughly half and the rest split equally between HPCL and BPCL.

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The Finance Minister said, the prices of crude oil and domestic developments in the U.S. have impacted the economies across the world.

On September 15, the government had announced an array of steps, including removal of withholding tax on Masala bonds, relaxation for FPIs, and curbs on non-essential imports, to contain the widening CAD and check the rupee fall.

Nearly half of the fuel price is made up of taxes.

Finance Minister Arun Jaitley today laid down a three-point plan to bring petrol and diesel prices under control. Delhi charges a Value-Added Tax of 27 per cent on petrol and 17.24 per cent on diesel. Brent crossed $86 per barrel and this is the highest in the last four years.

Madhya Pradesh government has also chose to give an additional relief of ₹2.5/litre on Petrol and Diesel to give total benefit of ₹5/litre in the state, tweeted Madhya Pradesh CM Shivraj Singh Chouhan.

According to the Finance Minister, the move will have an impact of Rs 10,500 crore this fiscal but the government is confident of achieving the fiscal deficit target. "We are committed to 3.3 per cent figure, we will maintain that", he said.


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