Cut in petrol, diesel prices shows government's sensitiveness: Shah

Arun Jaitley,Fuel price hike,Finance minister

Arun Jaitley,Fuel price hike,Finance minister

In a relief to consumers hit hard by the unrelenting rise in fuel prices, the government made a decision to cut petrol and diesel prices by Rs 2.50 per litre that will result in a revenue loss of Rs.10,500 crore in six months.

It had resisted the call for a reduction in excise duty since May when retail rates first shot up and then again from mid-August when fuel prices started moving up.

"We have authorised the oil marketing companies to raise $10 billion through foreign currency oil bonds", he added.

"It will be clear after this, which States mean what they write and actually implement the Value-Added Tax cut", Mr. Jaitley said. Soon after the government announced the decision, the Congress party, at a press conference, demanded to bring back fuel prices to 2014-levels, when the Modi government took charge. "Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat" tweeted Chief Minister Vijay Rupani.

"Ever since the Modi government assumed office, it has raised excise duty on diesel by Rs 14 and petrol by Rs 9 per litre".

"I hope all state governments do this, and they announce this so that consumers benefit by 5 rupees", Jaitley told reporters. P Chidambaram, Congress leader and former finance minister, said, "An oil revenue dependent-government has belatedly realised the unbearable burden on the people and indulged in tokenism".

The minister also maintained that Thursday's decision did not represent a re-regulation of fuel prices. So far 6 BJP-ruled states have announced the cut, including Uttar Pradesh, Maharashtra, Assam, Tripura, Gujarat, Chattisgarh.

Cardi B turns herself into police after 'ordering strip club attack'
Joe Tacopina, the attorney representing the two female bartenders, released a statement to CNN on Monday. The Bronx rapper will be ordered to appear in court to speak on her involvement in the incident.

Karnataka and Kerala have said that they will not be cutting state-imposed taxes on petrol and diesel. The centre levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel.

Brent crossed $86 per barrel and this is the highest in the last four years. As on October 4, petrol prices stood at Rs 91.34 per litre in Mumbai.

Thanking Prime Minister Narendra Modi and Union Finance Minister Arun Jaitley, Fadnavis said the reduction in fuel prices will give a huge relief to citizens.

The states have reduced the sales tax and VAT charged on diesel and petrol.

In Delhi, where the fuel prices are the lowest among all metros and most state capitals, petrol is sold at Rs 84 a litre and diesel at Rs 75.45.

The fuel prices had been going up every day for last few weeks, burning a hole in people's pockets.

Recommended News

  • Flake calls Trump's comments on Ford 'appalling'

    Flake calls Trump's comments on Ford 'appalling'

    Part of Bloomberg's motivation, an aide said, is the potential political fallout from the Kavanaugh hearing last week. He said Kavanaugh was "rightfully angry" about the accusations, and he added, "Who wouldn't be?" Get mad.
    Oil prices in NY highest in almost  4 years

    Oil prices in NY highest in almost 4 years

    West Texas Intermediate (WTI) crude CLc1 futures settled at $73.25 a barrel. China's Sinopec said it halved loadings of Iranian oil in September.
    Wide Presidential Alert To Be Tested Tomorrow

    Wide Presidential Alert To Be Tested Tomorrow

    FEMA officials say they expect the alert to reach 75 percent of wireless-enabled devices, including cell phones and smartwatches. The test was originally scheduled for September 20, but was postponed until Wednesday, October 3rd. "No action is required".
  • Tesla shares jump after SEC settlement leaves Musk as CEO

    Tesla shares jump after SEC settlement leaves Musk as CEO

    He and Tesla will pay $20 million each, and the company will have to find an independent chairman to replace Musk, who will stay on as CEO .
    US, Canada reach trilateral trade pact with Mexico to replace NAFTA

    US, Canada reach trilateral trade pact with Mexico to replace NAFTA

    Canadian Prime Minister Justin Trudeau has said repeatedly that Chapter 19 is a "red line for Canadians" that can not be crossed. The US Chamber of Commerce has said it would be "unacceptable to sideline Canada, our largest export market in the world".
    Lil Wayne's 'Tha Carter V' is here and it's really long

    Lil Wayne's 'Tha Carter V' is here and it's really long

    He has decided that his birthday, September 27, is the best moment to do this and he announced the plan to his fans. Will Tha Carter V really, finally be released? Both Wayne and James have come a long way since 2004.
  • Microsoft Launcher 5.0 for Android adds Timeline support, redesigned Feed

    Microsoft Launcher 5.0 for Android adds Timeline support, redesigned Feed

    In the example video below you can see a user checking some figures in a presentation doc before an important meeting. Now for the October update , they have extended it for phones sof that you can see your PC timeline on your phone .
    Trump Blasts Kavanaugh Accuser's Story, 'Sleazebag Lawyer' Avenatti at MS Rally

    Trump Blasts Kavanaugh Accuser's Story, 'Sleazebag Lawyer' Avenatti at MS Rally

    Kavanaugh denied the accusation, as well as allegations by two other women of sexual misconduct in the 1980s. The president said it is "scary" because "you can be (found) guilty of something you may not be guilty of".
    Twitter goes insane  over James Franklin's playcalling with game on line

    Twitter goes insane over James Franklin's playcalling with game on line

    The drive stalled and resulted in a missed field goal after a penalty negated a made field goal (more on that in the next item). Through the last two games, Dobbins has feasted on inside runs and we didn't get a good dose of that until the third quarter.
  • Cubs closer Strop on wild-card roster

    Cubs closer Strop on wild-card roster

    Lester did his part Tuesday, allowing just one run on four hits over six innings with nine strikeouts. In what should be of no surprise to Cubs fans, Davis showed little emotion as he left the mound.
    Surface family in black leaks ahead of its announcement

    Surface family in black leaks ahead of its announcement

    Hopefully, however, this is all prelude to some price cuts that bring the Surface Laptop down to a price worth paying for. In addition to new Surface Pro and Surface Laptop devices, a Surface Studio update is also long overdue.
    Who is Nobel Medicine Prize victor  James P Allison?

    Who is Nobel Medicine Prize victor James P Allison?

    James Allison in 1993, when he was conducting research at UC Berkeley on a promising immunotherapy now reaching fruition. T-cells are a type of white blood cell that play a central role in the body's natural immunity to disease.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.