Thursday, 13 December, 2018

Petrol prices drop by Rs 5 in BJP-ruled states

Arun Jaitley announces Rs 2.5 per litre cut in fuel prices Fuel Prices: Center Finally Responds To Common Man’s Plight
Jodi Jackson | 07 October, 2018, 12:30

Share prices of OMCs have taken a beating on both the stock exchanges since Thursday.

In a relief to consumers hit hard by the unrelenting rise in fuel prices, the government made a decision to cut petrol and diesel prices by Rs 2.50 per litre that will result in a revenue loss of Rs 10,500 crore in six months.

Poll-bound Rajasthan, a BJP-run state, had already pared its rate in September.

However, the Congress hit out at the Modi government over what it described as a "meagre" reduction in excise duty on petrol and diesel, saying it is like applying a band-aid after inflicting a thousand wounds on the people of the country.

Brent oil on Wednesday crossed $86 per barrel, which is the highest in the last four years, and rising interest rates in the USA have a significant impact across global markets, said Jaitley.

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.

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.

By lowering duties, the Narendra Modi government is borrowing a page from the rulebook of past governments that have lowered levies whenever worldwide oil prices shot up.

The recent reduction in Value-Added Tax and excise duty is due to elections in 5 states in November-December.

Fuel prices cut by ₹2.50 ($.034) a litre in several states across India.

Elections do make governments price-sensitive. The price of global crude oil today is $85.16 per barrel. They were raised a day after the polls got over. 1 drop by oil marketing companies, taking the cut in fuel prices to Rs. 2.50. The prices started going up after voting was over on December 14. Meanwhile, in Mumbai, petrol prices saw a rise of 18 paise while diesel was hiked by 70 paise.

However, very soon, the prices can be reduced by Rs 5 as well!

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