Maharashtra government reduces fuel prices by Rs 2.50 per litre

Representational Image

While announcing the decision, Jaitley asked state governments to match the Central government's move with a similar reduction in sales tax or VAT. The governments of Maharashtra, Gujarat, Chhattisgarh, Jharkhand and Uttar Pradesh - all under the rule of the Bharatiya Janata Party - have already said they will do so. "Maharashtra Government also made a decision to give additional relief of Rs 2.5/litre on Petrol to give total benefit of Rs 5/litre in the State of Maharashtra", Fadnavis tweeted. He said the Kerala government wants the Centre to remove taxes on petrol and diesel that were imposed when the BJP-led government imposed in 2014 after coming to power.

"Rs 10,500 Crore will be the impact of excise duty cut this year", he said.

Jaitley said that the new excise duty will come immediately into effect once it has been officially notified by the OMCs.

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan, who is in Bhubaneswar at present, requested Odisha Chief Minister Naveen Patnaik to cut taxes on fuel, ANI reported.

In a press briefing, Jaitley said that the Centre will cut Rs 1.50 in excise duty on fuel while an additional Re 1 will be absorbed by the Oil Marketing Companies (OMCs).

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He insisted that telling oil marketing companies to absorb Re 1 didn't imply going back on deregulation of prices.

In a major relief for consumers across the country, the Centre today slashed the prices of petrol and diesel by at least Rs 2.50 per litre.

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.

Jaitley said the move followed Brent crude oil touching four-year high of Dollars 86 a barrel Wednesday and interest rates in United States reaching seven-year high. Rajasthan, Andhra Pradesh and Karnataka are among the handful of states which have reduced Value-Added Tax. The centre levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel.

"The impact will be about Rs 21,000 crore for the full fiscal".

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