As BJP States Follow Centre in Cutting Fuel Prices, Kerala Refuses

Arun Jaitley,Fuel price hike,Finance minister

The state of Karnataka, who earlier slashed fuel prices by Rs 2, will not be announcing any more cuts. The government has upped its ante and steps has been taken to cut down on the borrowing by Rs 70,000 crore and it has allowed OMCs to raise $10 billion.

Traders cited concerns that the government could make the companies absorb further rises in global crude prices rise or carry the cost of any additional weakening in the rupee. "What will they do now and last time also only BJP and NDA-led state governments reduced Value-Added Tax".

But. Overall Price Can Be Reduced By Rs 5 Per Litre.

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Announcing the decision, Finance Minister Arun Jaitley asked the state governments to match the move with a similar reduction in sales tax or VAT.

In Chennai, the petrol price was Rs 84.70 per litre while that of diesel was Rs 77.11 today. This will give huge relief to common citizens.

After the minister's announcement, Jharkhand, Gujarat, Chhattisgarh and Maharashtra too announced a reduction in fuel prices. "Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat". He also said he would write to all the states to cut their respective taxes.

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Nayara, Reliance and smaller private rival Shell together own around 6,000 fuel retail outlets, compared to the 55,000 outlets operated by state firms.

However, very soon, the prices can be reduced by Rs 5 as well! The price of crude oil, which makes up nearly 90% of oil imports, is a major factor behind the final price of petrol and diesel in the country.

► However, Bihar Deputy CM Sushil Modi said that they haven't received any letter from Jaitley ji.

Price of petrol in Mumbai fell by Rs 4.37 per litre to Rs 86.97 per litre. "#FuelPriceCut", tweeted the CM. The government aims to limit the fiscal deficit to 3.3% of the Gross Domestic Product in 2018-'19.

The central government had incrementally taxed the fuels when the global crude prices had hit an all-time low to generate revenues for the state in order to rein in the fiscal deficit.

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