Published: Sat, October 06, 2018
Money | By Armando Alvarado

In Chandigarh, Fuel Prices Cut By 1.5 Per Litre

In Chandigarh, Fuel Prices Cut By 1.5 Per Litre

The decision was announced by finance minister Arun Jaitley after he held a closed-door meeting with Prime Minister Narendra Modi and petroleum minister Dharmendra Pradhan.

Maharashtra, Gujarat and the other BJP ruled states were quick to hear him.

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

The State Government this evening announced a matching cut of Rs 2.50 in the fuel prices commensurate with the price slash of Rs 2.50, announced by the Central Government earlier today taking the total succor to Rs 5 per litre in J&K.

Jaitley said the government wanted "to provide relief to consumers as the global crude price had touched $86 per barrel, a four-year high".

"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.

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Union Territory Chandigarh on Friday announced a Rs 1.50 per litre cut in petrol and diesel prices, effective from Friday midnight.

In the process, the Modi government also scored an own goal against its pet theme of simultaneous polls as some citizens prayed for "an election a month or a week" to keep prices down. PM Modi expressed concerns over rising fuel prices in the season of Rabi crops.

The reduction follows petrol and diesel prices soaring to new highs. After the announcement that Oil Marketing companies will bear Re 1 loss per liter, their position weakened even further, thereby triggering a ripple effect. BJP chief Amit Shah, who was in Rajasthan on Thursday, led the party in congratulating the PM and Finance Minister Arun Jaitley for showing "sensitivity" to the needs of the people by giving relief of Rs 5 per litre.

Yet now that the higher oil prices have combined with a falling rupee after the latest quarterly economic growth figures turned out disappointing, with the deficit widening, India is facing a serious challenge in sustaining its growth while reducing the adverse impact of the latest oil market developments. A 13 percent depreciation in the Indian rupee had only made fuel imports costlier.

The Chandigarh administration has reduced the value added tax (VAT) on petrol and diesel, an official release said in Chandigarh. The central excise on petrol and diesel went up by 211 per cent and 443 per cent respectively. This means that petrol will continue to be expensive in Delhi.

The Government will request state governments to cut down, he said. It stands at Rs 15.33 per litre now.

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