Sensex Falls for Third Straight Day as Fuel Price Cut Spooks Investors

Sensex Falls for Third Straight Day as Fuel Price Cut Spooks Investors

Sensex Falls for Third Straight Day as Fuel Price Cut Spooks Investors

As of Thursday, petrol prices in Delhi had climbed to ₹84 per litre and ₹91.34 in Mumbai; diesel was being sold at ₹75.45 and ₹80 in Mumbai.

Union Finance Minister Arun Jaitley spoke on the second day of the Hindustan Times Leadership Summit 2018.

The State Government this evening announced a matching cut of Rs 2.50 in the fuel prices commensurate with the price slash of Rs 2.50, announced by the Central Government earlier today taking the total succor to Rs 5 per litre in J&K.

With a similar increase, petrol is now priced at Rs 83.52 and Rs 84.89 per litre in Kolkata and Chennai, respectively. "The government will bear the losses in the larger public interest", Fadnavis said.

Another wondered: "Make me understand this: after fuel prices go up by Rs 20, they get cut by Rs 2 and we "celebrate"?"

Jaitley lowers petrol, diesel prices by Rs 2.5 per litre
Brent, the benchmark for more than half the world's oil, has touched Dollars 86 per barrel mark, the highest in four years. He said that Kerala would not reduce the tax on petroleum products as it would adversely affect the revenue of the state.

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It is only the global factors, primarily rising prices of crude and domestic policy and other measures like the interest rate hike by the U.S., which have affected India, Jaitley said adding domestic indicators were strong and stable.

India's government has introduced a fuel relief as prices at the pump rise inexorably, following soaring global benchmarks, Indian media report, citing the official statement by Finance Minister Arun Jaitley.

According to Telangana Petroleum Dealers Association, the fuel prices would come down by Rs 3 as the Centre had announced a cut in excise duty. He said the Kerala government wants the Centre to remove taxes on petrol and diesel that were imposed when the BJP-led government imposed in 2014 after coming to power.

Himanta Biswa Sarma said that although there was a windfall of additional revenue because of the rise in petroleum price but it was significantly less, and with the reduction of Value-Added Tax in petrol and diesel, there will be a total revenue loss of Rs 400 crore for Assam.

The Economic Survey had identified rising oil prices as one of the biggest risks to the Indian economy stating that it would crimp real incomes and spending. Diesel prices in the city however saw an effective decline of 70 paise, falling to Rs 76.75 per litre.

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