Monday, 17 December, 2018

Maharashtra government reduces fuel prices by Rs 2.50 per litre

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Lloyd Bates | 04 October, 2018, 17:41

Concerned over the spike in fuel prices, finance minister Arun Jaitley announced excise duty cut on petrol and diesel by Rs 1.50 per litre adding that Oil Marketing Companies (OMCs) will absorb Re 1 per litre on fuel.

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. "Maharashtra Government also made a decision to give additional relief of Rs 2.5/litre on Petrol to give total benefit of Rs 5/litre in the State of Maharashtra", Fadnavis tweeted. It is to be noted that the Maharashtra government has reduced the price of petrol only and not diesel.

While the Centre received a fixed revenue from excise duty on oil, states imposed ad valorem Value-Added Tax in percentage terms which go upto as high as 31 per cent, the minister said. Jaitley said the total impact of Rs 1.50 cut in excise duty is about Rs 21,000 crore for full year and Rs 10,500 crore the reminder of current fiscal.

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.

"A large number of worldwide factors, as I have repeatedly said, primarily the rising prices of Brent crude and also the domestic measures taken in the USA in terms of policy and raising of interest rates, has a significant impact across the world", Jaitley said.

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Additionally, oil companies are to be asked to absorb another Re 1 per litre. To bring some relief to citizens, three states had reduced fuel rates in August, including West Bengal. The cost of diesel was also hiked by 20 paise with the price per litre reaching Rs 75.45.

Brent crude oil hit $86 per barrel on Wednesday, recording its highest level in 4 years.

Madhya Pradesh Chief Minister Shivraj Singh Chouhan too congratulated Prime Minister Narendra Modi and BJP president Amit Shah for reducing the prices of petrol and diesel by Rs 2.50.

"I am confident we'll be able to maintain the fiscal deficit even after absorbing this", the minister said.

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