The cut in fuel prices will cost the exchequer Rs 10,500 for the remaining half of this financial year
07 October, 2018, 12:29
Mumbai, for instance, saw the price of petrol cross the Rs 90/litre barrier while the cost of diesel had also breached the Rs 80/litre mark. In Mumbai, the prices of petrol and diesel rose to Rs 87.15 per litre and Rs 76.75 per litre respectively.
"We are now working out a formula to bring down the diesel prices by at least Rs 4/litre". When compared to the neighboring states, Arunachal Pradesh levies 20 pct Value-Added Tax on petrol and 12.50 pct on diesel and Tripura collects Value-Added Tax at the rate of 23.15 pct on petrol and 16.18 pct on diesel.
While the recent tax cut by the government resulting in the lower fuel price is great news for consumers, global oil prices are still a big determinant on how petrol and diesel are ultimately priced in India. In Chennai, petrol and diesel prices climbed to Rs 84.89 and Rs 77.42 respectively.
India's decision this week to cut petrol and diesel pump prices that had reached record highs sent oil company shares tumbling on Friday on concerns about a return to the kind of regulated regime that had hammered their profits in the past.
In the first fortnight of December 2017, before Gujarat went to polls, state-owned fuel retailers cut prices by 1 paisa to 3 paise every day.
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The decision was taken at an inter-ministerial meeting of the finance and the petroleum ministries.
The Government will request state governments to cut down, he said.
The price cut would be effective from midnight tonight. Jaitley also urged state governments to further reduce VAT and other state-level taxes to further drop the price.
Price of petrol in Mumbai fell by Rs 4.37 per litre to Rs 86.97 per litre.
Congress spokesperson Randeep Singh Surjewala said the whole exercise was a hoax since the Modi government had raised duties on petrol by 211 per cent and diesel by 443 per cent during its four years in office. This will reduce the overall price by about Rs 5. "The government has cut down borrowing this year by Rs 70,000 crore". Absorbing this Rs 10,500 crore in increased collection and maintaining fiscal deficit I am confident we will be able to do that.
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