Good news! Petrol prices slashed by Rs 2.50

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

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

The government lowered the excise duty by Rs 1.50 a litre and asked state-run oil marketers to cut price by Re 1 a litre.

Additionally, the union minister was generous enough to urge the state governments to follow the Center's footsteps and cut down the rates of petrol and diesel.

The BJP-led government in Haryana Thursday announced a Rs 2.50 per litre cut in petrol and diesel prices, while the Punjab government has called a meeting on Monday to decide on the issue. Rising crude oil prices, and weakening of Rupee against the Dollar is seen as the major reason for this increase in price of petrol and diesel. When the Congress demitted power, central excise duty on petrol was Rs 9.23 per litre.

The RBI said that the state-owned oil companies can raise external commercial borrowings (ECBs) for working capital with minimum average maturity of 3-5 years and they don't have to mandatorily hedge all ECBs.

Fuel prices cut by ₹2.50 ($.034) a litre in several states across India. After the announcement that Oil Marketing companies will bear Re 1 loss per liter, their position weakened even further, thereby triggering a ripple effect. Now, people would get some relaxation as the price has decreased from Rs 2.50 to Rs 5 on Friday.

Bihar Deputy Chief Minister Sushil Kumar Modi said his government has not received any letter from Jaitley on the matter, ANI reported. He added that a total of Rs 2.50 will be reduced from current petrol and diesel cost. However, in Mumbai, the diesel have gone up by 7 paise only. This means that petrol will continue to be expensive in Delhi. "This time if other state governments do not do it then people will ask them", he said. 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.

According to the Finance Minister, the move will have an impact of Rs 10,500 crore this fiscal but the government is confident of achieving the fiscal deficit target.

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