Published: Sun, October 07, 2018
Markets | By Josh Butler

Petrol, diesel prices cut by Rs 2.50 per litre

Petrol, diesel prices cut by Rs 2.50 per litre

This happened due to the Rs 1.56 relief on diesel prices announced by the state government on Friday.

Petrol rate registered a similar increase in Mumbai where it was being sold for Rs 87.29 (increase by Rs 0.14) per litre. In the same period in 2016, the prices of the petrol and Diesel stood at around Rs 62 and Rs 50 and Rs. 66 and Rs 56 in Mumbai. The central excise on petrol and diesel went up by 211 per cent and 443 per cent respectively in this same period.

PTI The government has chose to cut Rs 2.50 per litre on both petrol and diesel.

Khuntia said the state government has been criticizing the Centre for not reducing the oil prices.

The government 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. The revenue department will cut excise duty by Rs 1.50 and oil marketing companies will absorb Re 1 per litre.

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The decision was announced by finance minister Arun Jaitley after he held a closed-door meeting with Prime Minister Narendra Modi and petroleum minister Dharmendra Pradhan. The new prices came into effect from midnight.

Additionally, the union minister was generous enough to urge the state governments to follow the Center's footsteps and cut down the rates of petrol and diesel.

Maharashtra, Gujarat and the other BJP ruled states were quick to hear him. "It is not sufficient as the fuel price has already touched Rs 80", he added.

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.

After Thursday's decision, ratings agency ICRA said in a report that oil marketing firms were likely to lose 72 billion rupees ($976 million) on fuel sales this fiscal year. Petrol prices in Bengaluru were at Rs 82.32, whereas rates for diesel were at Rs 73.61. States saw their Value-Added Tax revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18.

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