Published: Fri, October 05, 2018
Markets | By Erika Turner

Petrol, Diesel Is Now Cheaper By Rs 5/Litre! Find Out How?

Petrol, Diesel Is Now Cheaper By Rs 5/Litre! Find Out How?

Maharashtra's Chief Minister Devendra Fadnavis has just announced an additional relief of Rs 2.5/litre resulting in a total Rs 5/litre drop in petrol prices. Both petrol and diesel will be cheaper by Rs 5 in these states. "The state government this evening announced matching cut of Rs 2.50 per litre in fuel prices commensurate with the price cut of Rs 2.50, announced by the central government earlier today", an official spokesman said.

The government of India has finally pitched in to cut down the prices of fuel in India by cutting the excise on petrol and diesel.

The Himachal Pradesh government has made a decision to reduce prices of petrol and diesel by Rs 2.50 per litre, Chief Minister Jai Ram Thakur said. They have reduced the price seeing people's difficulty.

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. "By taking such a decision the Prime Minister has shown the sensitiveness of the government towards people", he told reporters.

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.

Immediately after the announcement, and the declaration by the Finance Minister, three states have responded, and reduced the price of petrol and diesel by Rs 2.5, thereby making the overall reduction to Rs 5 per litre.

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Central Government has finally chose to stop the arrest of increasing Fuel Prices. After steadily raising taxes on fuel between 2014 and 2016, the Centre now levies an excise duty of Rs 19.48 per litre on petrol and Rs 15.33 on diesel.

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

Thank you Hon PM @narendramodi ji and Union Minister @arunjaitley ji for reducing ₹2.50/litre on both Diesel and Petrol.

Mr Jaitley also said, the government has cut down borrowing by 70 thousand crore rupees and has allowed the oil companies to raise 10 billion dollars through bonds.

"We will also write to states, asking them to reduce VAT taxes by another Rs 2.5 per litre". Banerjee claimed that fuel prices were reduced in the global market and asked why these were increasing in the country. Welcoming the cut in excise duty, Shah soon announced that all BJP-ruled states will cut Value-Added Tax.

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