Maharashtra govt to cut diesel prices by Rs 1.56 per litre

Maharashtra govt to cut diesel prices by Rs 1.56 per litre

Maharashtra govt to cut diesel prices by Rs 1.56 per litre

Fadnavis lauded Prime Minister Narendra Modi and Finance Minister Arun Jaitley for the Centre's decision to reduce petrol and diesel prices.

Speaking to the media, he said the state government's decision to cut the Value Added Tax (VAT) on petrol by Rs 2.50/litre has been hugely welcomed by the people. The governments of Maharashtra, Gujarat, Chhattisgarh, Jharkhand and Uttar Pradesh - all under the rule of the Bharatiya Janata Party - have already said they will do so.

Kerala Finance Minister Thomas Isaac however, said his government would not cut fuel prices, News18 reported.

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Price cut in states like Gujarat and Maharashtra would be Rs 5 after they matched the announcement with a similar reduction in local sales tax or VAT rates.

Speaking on the reason for price cut, the Finance Minister said that there has been a significant impact of higher interest rates in the United States and crude oil prices on rising fuel prices in the country.

As of Thursday, petrol prices in Delhi had climbed to ₹84 per litre and ₹91.34 in Mumbai; diesel was being sold at ₹75.45 and ₹80 in Mumbai.

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Jaitley, however, said asking oil companies to bear a part some burden is not going back on deregulation. This showed that this government "is fleecing its own people". 1 drop by oil marketing companies, taking the cut in fuel prices to Rs. 2.50. The Centre has cut excise duties only twice in the past 22 months - once in October a year ago when it cut the duty by Rs 2 a litre and now by Rs 1.50. "The government has cut down borrowing this year by Rs 70,000 crore". The move includes an excise duty cut of Rs 1.5 per litre by the Central government and oil marketing companies absorbing another Re 1 per litre.

Jaitley was still speaking as of last updating this report.

"Since May 2014, the Modi government has increased central excise duty 12 times". Jaitley expressed confidence in maintaining the fiscal deficit target for the current financial year despite the reductions. Any further revenue loss, however, could widen the fiscal deficit.

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