Petrol, Diesel cheaper by Rs 5 from midnight

Representational Image

This is the second time in one year that the Centre has cut excise duty on petrol and diesel as rising prices pinch the common man.

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.

The central government on Thursday gave relief to masses from skyrocketing fuel prices and cut petrol and diesel rates by Rs 2.50 a litre with effect from midnight. In Chandigarh, the total benefit to consumers will be of Rs 3.90 per litre in petrol.

Himachal Pradesh CM Jai Ram Thakur said that the state government has also made a decision to give an additional relief of ₹2.5/litre on petrol and diesel to give a total benefit of ₹5/litre in the state. 1 drop by oil marketing companies, taking the cut in fuel prices to Rs. 2.50.

However, very soon, the prices can be reduced by Rs 5 as well!

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It is only the global factors, primarily rising prices of crude and domestic policy and other measures like the interest rate hike by the U.S., which have affected India, Jaitley said adding domestic indicators were strong and stable. Although marginal, it is expected to bring huge relief to the masses who've been reeling under the burden of unprecedented fuel prices.

On Thursday, shortly after the Centre announced reduction in prices of petrol-diesel, Maharashtra and at least a dozen states followed suit by reducing various local taxes like VAT on petrol and diesel.

However, South Indian states such as Kerala, Karnataka and Andhra Pradesh say they can't cut their fuel taxes anytime soon.

It has done so by slightly cutting the excise duty, a type of indirect tax, on imported diesel and petrol by ₹1.50 per litre and directing several state-run oil marketing companies to cut prices by a further ₹1 per litre on the sale of petrol and diesel.

Petrol price in the city will come down by another Rs 1.39 litre. "India's ability to maintain the present growth rate for a decade or two is reasonably certain", he said. "Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat".

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