Centre announces ₹2.5 cut in fuel prices, urges States to match it

Centre announces ₹2.5 cut in fuel prices, urges States to match it

Centre announces ₹2.5 cut in fuel prices, urges States to match it

Central minister Arun Jaitley has also urged state governments to cut down state-VAT to reduce petrol prices further by about Rs 2.5.

Finance Minister Arun Jaitley in a press conference announced a cut in excise duty on fuel prices by Rs 2.50.

Kerala Finance Minister Thomas Isaac however, said his government would not cut fuel prices, News18 reported. After steadily raising taxes on fuel between 2014 and 2016, the Centre now levies an excise duty of Rs 19.48 per litre on petrol and Rs 15.33 on diesel. Surjewala asked why the "fuel robbery continued when the prices of crude oil reduced by 45 per cent internationally". Since petroleum prices have been de-regularised, increase in global crude prices result in an immediate increased in local prices.

"Excise duty to be reduced by Rs 1.50 & OMCs will absorb Rs 1".

Following the Centre's announcement, BJP-ruled Maharashtra and Gujarat - which are among the highest taxing state, announced Rs 2.50 per litre reduction in the Value-Added Tax. "Since this is for half year, the impact will be Rs 10,500 crore which is only 0.05 percent of the fiscal deficit", he said.

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It had resisted the call for a reduction in excise duty since May when retail rates first shot up and then again from mid-August when fuel prices started moving up. If it is serious, it should reduce the tax to what it was when it assumed office. In Kolkata and Chennai, petrol prices climbed by 15 paise to Rs 85.80 and Rs 87.33 per litre, respectively.

Karnataka and Kerala have said that they will not be cutting state-imposed taxes on petrol and diesel.

"The Brent oil since yesterday has crossed 86$/bbl which is the highest in the last four years. Thus petrol & diesel wd be Rs 5 cheaper in the State of Gujarat", Gujarat CM tweeted. Diesel prices in Chennai increased by 22 paise to Rs 79.79 a litre and by 20 paise to Rs 77.30 per litre in Kolkata.

The Congress party said the move is like applying a band-aid after inflicting a thousand wounds on the people of the country.

"Since May 2014, Modi Government has fleeced and duped the common people by draconian taxation of Rs 13 lakh crore".

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