Published: Thu, October 04, 2018
Money | By Armando Alvarado

Petrol prices cut by Rs 5 in Maharashtra

Petrol prices cut by Rs 5 in Maharashtra

Soon after the finance minister's announcement, the Maharashtra government said it would give an additional relief of Rs 2.5 per litre on petrol - a total benefit of Rs 5 litre - Chief Minister Devendra Fadnavis said on Twitter.

Chhattisgarh and Tripura also made a reduction of Rs 2.5 to make both fuels cheaper by Rs 5.

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.

Bihar deputy chief minister Sushil Kumar Modi, who holds the finance portfolio, however told ANI that the state will take a decision after getting official intimation.

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.

A one rupee per litre cut in excise duty results in over Rs 14,000 crore of revenue loss to the centre on an annualised basis.

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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. "Will have to see what states where leaders were indulging in lip sympathy and tweeting, what would these states do".

He also asked state governments to follow suit and cut taxes by a similar amount.

They follow in the footsteps of at least five other states which have cut value-added taxes over the last month.

"The states' revenue increases because of increased crude oil prices and hence it is easier for the states to absorb Rs 2.50", he said.

Mr. Jaitley said this would have only a marginal impact on the fiscal deficit - less than 0.05% of the fiscal deficit - since the excise duty cut would be balanced out by higher direct tax collections.

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 United States reaching their highest level in seven years.

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