As 10 States Follow Centre In Slashing Fuel Prices, Kerala Refuses
As 10 States Follow Centre In Slashing Fuel Prices, Kerala Refuses
Govt cuts excise duty on fuel by Rs 2.50, appeals States to lower taxes
04 October, 2018, 17:38
The price cuts will be effective midnight. The reduction in excise duty, only the second in four years of BJP-led NDA rule, will dent government revenues by Rs 10,500 crore and was aimed at cooling retail prices that had shot up to an all-time high.
He also asked state governments to follow suit and cut taxes by a similar amount.
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.
However, what could be unsurprising to many is that this decision was announced only by BJP-ruled states.
Gujarat and Maharashtra announced cuts in prices of petrol and diesel by Rs 2.5 per litre on October 4.
Last month, the governments of Karnataka, West Bengal, Rajasthan and Andhra Pradesh cut taxes on petrol and diesel.
The decision was taken at an inter-ministerial meeting of the finance and the petroleum ministries.
"Jharkhand Government has made a decision to give an additional relief of Rs 2.5/litre on diesel in the state", ANI quoted Raghubar Das as saying.
In a veiled statement politicising the subject, the finance minister had said this will be a test for those states whose leaders were only tweeting and indulging in lip sympathy.
"We will also write to states, asking them to reduce VAT taxes by another Rs 2.5 per litre".
Maharashtra chief minister Devendra Fadnavis said that his government also chose to make a matching cut as this would be a "great relief" to the people.
Jaitley said that the new excise duty will come immediately into effect once it has been officially notified by the OMCs.
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. He said that the central government will reduce excise duty by Rs 1.5 while oil companies will absorb the remainder.
In India, nearly half of the price of retail fuel is due to taxes.
To curb the skyrocketing fuel prices, Finance Minister Arun Jaitley on Thursday announced a cut of Rs 2.5 in the prices of both petrol and diesel. "This government at the Centre is not bothered about the well-being of the masses". On OMCs absorbing Re 1, he said they would adjust it over present and future prices.
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. The Kerala government, too, had reduced fuel rates in June.
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