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

Fuel prices on the boil again, diesel breaches Rs 80 in Mumbai

He also thanked 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. As on October 4, petrol prices stood at Rs 91.34 per litre in Mumbai.

Besides poll-bound Rajasthan and Madhya Pradesh, the governments of Chhattisgarh, Assam, Tripura, Jharkhand, Uttar Pradesh and Haryana also announced cuts by Rs 2.50.

"Uttar Pradesh chief minister Yogi Adityanath, addressing a press conference, said that as the Centre's reducing fuel prices "will give a great relief to common man", his government has also chose to give additional relief of Rs. 2.5 per litre on the prices of petrol & diesel".

Petrol prices have been rising for more than a month now and have reached fresh record highs across the country.

While Maharashtra government announced a Rs 2.50 cut on petrol price, the Gujarat government effected a similar reduction for both petrol and diesel.

While a cut in excise duty that the central government levies will impact fiscal deficit, states like Bihar, Kerala, and Punjab are not in a position to cut sales tax (or VAT), they said.

What this means is that effectively, the prices of petrol and diesel will come down immediately by Rs 2.5 per litre.

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

While the Centre received a fixed revenue from excise duty on oil, states imposed ad valorem Value-Added Tax in percentage terms which go upto as high as 31 per cent, the minister said. Arun Jaitley said that the interest rates are now at the highest mark in US.

Also, the rupee dropped to its lowest ever level of 73.77 against the dollar, resulting in expensive crude imports.

Diesel is being sold at Rs 75.45 per litre in New Delhi, Rs 79.79 per litre in Chennai and Rs 77.30 per litre in Kolkata.

This led to its 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.

"The impact will be about Rs 21,000 crore for the full fiscal. We are committed to 3.3 per cent figure, we will maintain that", he said.

"For oil security, we need strong OMCs".

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