Economy

Fuel Prices: Center Finally Responds To Common Man’s Plight

Fuel Prices: Center Finally Responds To Common Man’s Plight”

He then announced to give an additional relief of Rs 2.50 per litre.

Price cut in states like Gujarat and Maharashtra would be Rs 5 after they matched the announcement with a similar reduction in local sales tax or VAT rates.

It has been made a decision to implement a cumulative cut of ₹2.5 a litre on fuel prices, with the Centre absorbing ₹1.5 of this and the oil marketing companies (OMCs) ₹1, Union Finance Minister Arun Jaitley announced on Thursday.

The hike pushed petrol price in Delhi to an all-time high of Rs 84 per litre and diesel to Rs 75.45.

The chief minister of Maharashtra thanked the Prime Minister Narendra Modi and Finance Minister Arun Jaitley for reducing the rates of petrol and diesel, saying this will give a huge relief to the common man.

The hike in duties had led to excise collections from petro goods more than doubling in last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18.

State-owned oil firms had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions. 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. Jaitley said it will be a test for those states whose leaders were only tweeting and indulging in lip sympathy. "What will they do now and last time also only BJP and NDA-led state governments reduced Value-Added Tax".

He insisted that telling oil marketing companies to absorb Re 1 didn't imply going back on deregulation of prices.

In the press conference, Jaitley said that he expects to see a negative revenue impact of Rs 10,500 crore as a result of the tax cuts and said that he expected that the government would be able to absorb the impact without harming its fiscal deficit target of 3.3%.

On the bullish stock markets and weakening of Rupee, Jaitley blamed it on Brent crude touching a four-year high of $86 a barrel and interest rates in the United States reaching their highest level in seven years.



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