Wednesday, 17 October, 2018

Petrol, Diesel Is Now Cheaper By Rs 5/Litre! Find Out How?

Arun Jaitley,Fuel price hike,Finance minister The cut in fuel prices will cost the exchequer Rs 10,500 for the remaining half of this financial year
Laurie Berry | 06 October, 2018, 10:27

Shares of oil marketing companies fell after finance minister Arun Jaitley said that the government has asked the companies to absorb Rs 1 cut on fuel prices.

He accused the Modi government of a "Rs 13 trillion fuel loot" by imposing heavy excise duty on petrol and diesel in the last four years and the benefits of low global prices were not passed on to the people. Top sources said that the state government is also considering a reduction in the prices of diesel.

In a surprise move, Govt. of India has announced that petrol and diesel prices will be now cheaper by Rs 2.5.

"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. This showed that this government "is fleecing its own people".

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan, who is in Bhubaneswar at present, requested Odisha Chief Minister Naveen Patnaik to cut taxes on fuel, ANI reported.

"We are now working out a formula to bring down the diesel prices by at least Rs 4/litre".

Meteorite used as doorstop for decades worth $100,000
This January, southern MI experienced a meteor flash that showered fragments of space rock all over Livingston County. An examination found that the rock is an iron-nickel meteorite composed of mostly iron with 12 percent nickel.

The reduction in excise duty, only the second in four years of BJP-led NDA rule, will dent government revenues by Rs 10,500 crore and was aimed at cooling retail prices that had shot up to an all-time high. Oil marketing companies, simultaneously, will take a Re 1 per litre hit as well.

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.

Jaitley said the move followed Brent crude oil touching four-year high of Dollars 86 a barrel Wednesday and interest rates in United States reaching seven-year high. But with a weakening rupee, it will likely have fewer options in the form of import-related tax cuts. He added that a total of Rs 2.50 will be reduced from current petrol and diesel cost.

Nationalist Congress Party's Leader of Opposition in the Legislative Council Dhananjay Munde criticized the belated decision and reiterated that petrol-diesel must be brought under GST for providing genuine relief to the people. It stands at Rs 15.33 per litre now.

Finance Minister Arun Jaitley urged states to match the cut with an equivalent reduction in the value-added tax.

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