Petrol, diesel cheaper by Rs 5 in Maharashtra and Gujarat

Maharashtra Government Cuts Petrol Diesel Prices By Rs 2.50

The government on Thursday announced a Rs 2.50 per litre cut in petrol and diesel prices after it reduced excise duty by Rs 1.50 a litre and asked oil companies to absorb another Re 1. He added that there would be tax cuts in Kerala, only if fuel prices are brought down to the level when the Narendra Modi government assumed office in May 2014. BJP-ruled Gujarat, Tripura and Chhattisgarh governments have also announced a similar reduction in oil prices.

"The government's aim is to give relief to the consumer by increasing their purchasing power without impacting the fiscal deficit", he said.

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

In a tweet, Gujarat Chief Minister Vijay Rupani announced that "the government of Gujarat has chose to cut Rs 2.50 on both petrol and diesel". A high-level meeting convened by the Prime Minister Narendra Modi has made a decision to reduce the Excise Duty by 1.50 Rupees. PM Modi consulted Union Finance Minister Arun Jaitley and Oil Minister Dharmendra Pradhan.

The Centre on Thursday reduced fuel prices by Rs 2.50 per litre with immediate effect.

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Jaitley, however, downplayed fiscal implications around the fuel price cut.

He also noted that the oil marketing companies are fully competent to deal with the decision and the government was not going back on fuel price deregulation.

"The Brent oil since yesterday has crossed 86$/bbl which is the highest in the last four years".

The minister also maintained that Thursday's decision did not represent a re-regulation of fuel prices.

Since mid-August, the petrol price has risen by Rs 6.86 a litre and diesel by Rs 6.73 - the most in any six-week duration after the daily price revision was introduced in mid-June previous year. Rajasthan, Andhra Pradesh and Karnataka are among the handful of states which have reduced Value-Added Tax. "But the fact is that we have to react to a situation.if without impacting the fiscal deficit I can give relief, and I had always said that our ability to give relief will not be at the cost of fiscal deficit", he said.

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