‘Panic reaction ahead of elections,’ says Congress after fuel price cut

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

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

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 Centre on Thursday slashed excise duty on fuel to the tune of Rs 1.50 per litre, thus reducing the overall price of petrol and diesel each by Rs 2.50 per litre.

So much for good governance? Now, people would get some relaxation as the price has decreased from Rs 2.50 to Rs 5 on Friday.

Opposition-ruled Bengal, Kerala and Karnataka, which had cut their Value-Added Tax rates on auto fuels by Re 1 to Rs 2 per litre last month, have said they will not cut rates again. The way oil prices have been going up, there has been some adverse impact on the CAD. After you announced Rs 5/litre, implement it instead of giving just Rs 4.37/litre...

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It has done so by slightly cutting the excise duty, a type of indirect tax, on imported diesel and petrol by ₹1.50 per litre and directing several state-run oil marketing companies to cut prices by a further ₹1 per litre on the sale of petrol and diesel. In Kolkata and Chennai, petrol prices climbed by 15 paise to Rs 85.80 and Rs 87.33 per litre, respectively.

Global fuel prices, however, have been on the rise with the worldwide benchmark Brent crude nearing a four-year high of $86 per barrel earlier this week.

Gujarat CM Vijay Rupani said: "Finance Minister Sh @arunjaitley Ji has announced Rs.2.5 cuts in petrol & diesel prices, reciprocating positively to FM's announcement, the Govt Of Gujarat has also made a decision to reduce Rs.2.50 on both petrol & diesel".

Jaitley was still speaking as of last updating this report. This means that petrol will continue to be expensive in Delhi. Any further revenue loss, however, could widen the fiscal deficit. "We are committed to 3.3 per cent figure, we will maintain that", he said. "Therefore they would be in a position to absorb this", he said.

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