Government Announces Relief On Fuel Prices By Reducing Excise Duty

Arun Jaitley,Fuel price hike,Finance minister

Notably, petrol prices increased by at least Rs. 25/litre this year, ten times the reduction announced by Jaitely. In Mumbai, the prices of petrol and diesel rose to Rs 87.15 per litre and Rs 76.75 per litre respectively.

Petrol and diesel prices continued to move upwards today after a brief breather to consumers.

Recently, the BJP government announced a Rs 2.50 per litre reduction in prices of petrol and diesel.

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But. Overall Price Can Be Reduced By Rs 5 Per Litre.

. Other BJP-ruled states are expected to follow suit.

The fuel prices had been going up every day for last few weeks, burning a hole in people's pockets.

The state will do so if the Centre bring the fuel prices down to the level when the Narendra Modi government assumed office in May 2014, Issac told the media here while reacting to Union Finance Minister Arun Jaitley's statement in this regard.

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However, South Indian states such as Kerala, Karnataka and Andhra Pradesh say they can't cut their fuel taxes anytime soon. After continuously being on an ascent for over three months, the fuel prices are likely to witness a dip with effect from Thursday midnight. BJP-ruled Gujarat, Tripura and Chhattisgarh governments have also announced a similar reduction in oil prices. But growing public anger over surging fuel prices has caught the attention of the government. Petrol prices in Bengaluru were at Rs 82.32, whereas rates for diesel were at Rs 73.61.

Jaitley said the total impact of Rs 1.50 cut in excise duty is about Rs 21,000 crore for full year and Rs 10,500 crore the reminder of current fiscal.

Opposition-ruled States like Karnataka, Andhra Pradesh, West Bengal and Kerala had already reduced Value-Added Tax but Congress-ruled Punjab is yet to take a call. At the same time, the prices of crude oil in the global market was $108 per barrel but the prices of the crude oil dropped to $77 per barrel at the start of November and further reduced to $36 in March, 2016. Any further revenue loss, however, could widen the fiscal deficit.

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