Fuel Prices: Center Finally Responds To Common Man’s Plight
Fuel Prices: Center Finally Responds To Common Man’s Plight
04 October, 2018, 15:57
Jaitley said the move will have an impact of Rs 10,500 crore on the revenues of central government this fiscal but the government is confident of achieving the fiscal deficit target.
Gujarat chief minister Vijay Rupani, in a tweet, also announced that the state has also chose to reduce Rs.2.5 on both fuels to make them cheaper by Rs 5 while his Jharkhand counterpart Raghubar Das told ANI that the state government has made a decision to give an additional relief of Rs 2.5 per litre on diesel in the state. Acting on Arun Jaitley's advice, chief ministers of Maharashtra and Gujarat reduced state taxes on petrol and diesel.
Congress went all out against BJP's meagre reduction in petrol and diesel prices that was announced earlier today by the Finance Minister Arun Jaitley.
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.
A one rupee per litre cut in excise duty results in over Rs 14,000 crore of revenue loss to the centre on an annualised basis.
"The states' revenue increases because of increased crude oil prices and hence it is easier for the states to absorb Rs 2.50", he said.
In a tweet, Gujarat Chief Minister Vijay Rupani announced that "the government of Gujarat has chose to cut Rs 2.50 on both petrol and diesel". Since August 2018, the states of Karnataka, Rajasthan, Andhra Pradesh, West Bengal and Kerala cut fuel prices by anywhere between Re 1 to Rs 2.
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Inflation in India, however, is still moderate at less than 4 per cent and higher direct tax collections give comfort with regard to fiscal deficit, he said adding domestic macroeconomic indicators are strong and stable, except for current account deficit.
After a day of brief pause, fuel prices continued its rise on Thursday. Jaitley said it will be a test for those states whose leaders were only tweeting and indulging in lip sympathy.
Maharashtra, Gujarat and the other BJP ruled states were quick to hear him.
"When the prices go up the Centre receives a fixed amount per litre, whereas the revenue of states go up".
Global oil prices have risen to four-year highs above $85 a barrel on fears of a global supply crunch, prompting US President Donald Trump to repeatedly demand the Organization of Petroleum Exporting Countries to lower prices.
Diesel is being sold at Rs 75.45 per litre in New Delhi, Rs 79.79 per litre in Chennai and Rs 77.30 per litre in Kolkata. States saw their Value-Added Tax revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18.
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