Jaitley lowers petrol, diesel prices by Rs 2.5 per litre

Jaitley lowers petrol, diesel prices by Rs 2.5 per litre

Jaitley lowers petrol, diesel prices by Rs 2.5 per litre

Announcing the decision, Finance Minister Arun Jaitley asked the state governments to match the move with a similar reduction in sales tax or VAT.

Shares of oil marketing companies fell after finance minister Arun Jaitley said that the government has asked the companies to absorb Re 1 cut on fuel prices.

Soon after the announcement, the NDA-led governments in Gujarat, Maharashtra, Chhattisgarh and Jharkhand followed the Centre's footsteps announcing a cut of Rs 2.50 per litre in fuel prices.

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.

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

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The hike pushed petrol price in Delhi to an all-time high of Rs 84 per litre and diesel to Rs 75.45.

While a cut in excise duty that the central government levies will impact fiscal deficit, states like Bihar, Kerala, and Punjab are not in a position to cut sales tax (or VAT), they said.

Speaking generally about the Indian economy, Jaitley said that the government has cut down on its borrowing this year and that oil companies have been authorised to raise money internationally with the help of oil bonds.

After a day of brief pause, fuel prices continued its rise on Thursday.

For state-owned fuel retailers absorbing Re 1 per litre price would mean about Rs 10,700 crore dent in their revenue on an annualised basis.

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In another tweet, Fadnavis announced that the state government will heed the government's request and cut the price of petrol by Rs 2.5 per litre, bringing the total benefit for end consumers to Rs 5 per litre in the state.

On the bullish stock markets and weakening of Rupee, Jaitley blamed it on Brent crude touching a four-year high of $86 a barrel and interest rates in the USA reaching their highest level in seven years.

Nearly half of the fuel price is made up of taxes.

Mumbai has the highest Value-Added Tax of 39.12 per cent on petrol, while Telangana levies the highest Value-Added Tax of 26 per cent on diesel.

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