Cut in petrol, diesel prices shows government's sensitiveness: Shah

Eileen GuzmanOct 05, 2018

Taxes on petrol and diesel, which account for more than a third of retail fuel prices, are one of the biggest sources of income for the government, which is seeking to keep the country's budget deficit in check. He said, the inflation in the country is still less than 4 per cent. The announcement came from Union Finance Minister Arun Jaitley after an inter-ministerial meeting headed by Prime Minister Narendra Modi in New Delhi.

Notably, petrol prices increased by at least Rs. 25/litre this year, ten times the reduction announced by Jaitely.

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.

The central government has reduced the excise duty by Rs 1.50 while the state-owned oil marketing companies have been directed to absorb another rupee of price cuts.

"It will be clear after this, which States mean what they write and actually implement the Value-Added Tax cut", Mr. Jaitley said.

"Let Prime Minister Modi remember that he can not befool the people of India".

The price cut would be effective from midnight tonight. P Chidambaram, Congress leader and former finance minister, said, "An oil revenue dependent-government has belatedly realised the unbearable burden on the people and indulged in tokenism".

In the National Capital Region (NCR), petrol is being sold at Rs 84 per litre, diesel is being sold at Rs 75.45 per litre. "There should be a substantial reduction". "Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat" tweeted Chief Minister Vijay Rupani. "What is the guarantee that it will not cross Rs 90 again?" This is an act of fraud.

"When the prices go up the Centre receives a fixed amount per litre, whereas the revenue of states go up".

Maharashtra's Minister of State for Finance Deepak Kesarkar said historically, Maharashtra has always been reducing prices of fuel in accordance with the Centre. "They are only interested about their party", Mamata said while addressing a programme in Siliguri.

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