Published: Sat, October 06, 2018
Markets | By Noel Gibbs

Petrol, diesel prices cut by Rs 2.50 per litre

Petrol, diesel prices cut by Rs 2.50 per litre

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.

The shares of Indian oil marketing companies tumbled after Finance Minister announced the decision to cut down the fuel prices to the tune of Rs 2.50 per litre.

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However, the central leadership had asked the party rank and file to explain to the people that fuel prices are steep because of crude oil prices heating up in the worldwide market, but the rate of inflation has remained below 4 per cent during the Modi government's tenure.

Soon after, the Maharashtra government announced the reduction of petrol prices by Rs 2.50 per litre, making this fuel cheaper by Rs 5 per litre in the state.

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Jaitley made this announcement at a surprise press conference in New Delhi where he once again, blamed worldwide crude prices for the near-daily rise in petrol and diesel prices.

As of Thursday, petrol prices in Delhi had climbed to ₹84 per litre and ₹91.34 in Mumbai; diesel was being sold at ₹75.45 and ₹80 in Mumbai. "The government will bear the losses in the larger public interest", Fadnavis said. Whereas in Mumbai, petrol was marked at Rs 86.97 per litre and diesel was priced Rs 77.45 per litre. Now, people would get some relaxation as the price has decreased from Rs 2.50 to Rs 5 on Friday.

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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. Global fuel prices, however, have been on the rise with the worldwide benchmark Brent crude nearing a four-year high of $86 per barrel earlier this week. A 13 percent depreciation in the Indian rupee had only made fuel imports costlier. He also said he would write to all the states to cut their respective taxes. "So the impact will be Rs 10,500 crore in current fiscal which is only 0.05 per cent of fiscal deficit". The central excise on petrol and diesel went up by 211 per cent and 443 per cent respectively. Absorbing this Rs 10,500 crore in increased collection and maintaining fiscal deficit I am confident we will be able to do that.

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