Jaitley lowers petrol, diesel prices by Rs 2.5 per litre

Jaitley lowers petrol, diesel prices by Rs 2.5 per litre

Jaitley lowers petrol, diesel prices by Rs 2.5 per litre

He said that Kerala would not reduce the tax on petroleum products as it would adversely affect the revenue of the state.

In the announcement, Jaitley has also asked state governments to announce a matching reduction in duties and taxes levied by the state, which could see the prices decrease even further.

In another tweet, Fadnavis announced that the state government will heed the government's request and cut the price of petrol by Rs 2.5 per litre, bringing the total benefit for end consumers to Rs 5 per litre in the state.

Several states on Thursday slashed fuel prices after the Narendra Modi-led Union Government announced a Rs 2.50 a litre cut in petrol and diesel prices.

Jammu and Kashmir, which is now under Governor's rule, also announced a reduction of Rs 2.50 on fuel prices. Mr Jaitley then urged the states to follow suit after which seven states announced cuts in petrol and diesel rates. Now you have reduced it by Rs 2.50 and you are asking others to do it. Others (states) are not your servants.

Finance Minister Arun Jaitley, who made the announcement, pegged the excise duty cut impact at Rs 10,500 crore.

Justifying the minimal relief in fuel prices, Jaitley said "We have to react to the situation and give relief without impacting the fiscal deficit".

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Indian Oil Corporation (IOC), the country's largest fuel retailer, hiked the price of diesel and petrol by 21 paise and 14 paise respectively on Thursday.

Rates of subsidised domestic cooking gas, too, have breached the Rs 500-mark for the first time.

The share prices of oil marketing companies like Hindustan Petroleum Corporation Ltd plunged immediately, down by as much as 12% in initial trading after Jaitley's remarks.

Brent, the benchmark for more than half the world's oil, has touched Dollars 86 per barrel mark, the highest in four years.

Ahmedabad and Mumbai are two cities where diesel prices have crossed Rs 80 per litre.

The Finance 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. However, the state did not reduce diesel rates. But growing public anger over surging fuel prices has caught the attention of the government. If the Centre is serious, it should reduce the tax to what it was when it assumed office.

Before the reduction, Mumbai had the highest Value-Added Tax of 39.12 per cent on petrol, while Telangana levies the highest Value-Added Tax of 26 per cent on diesel.

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