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Petrol prices cut by Rs 5 in Maharashtra

04 October, 2018, 19:16 | Author: Lawrence Cooper
  • 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

While BJP leaders were quick to hail the move on Twitter, Opposition leaders termed it as "tokenism" and an act of "fraud".

"Uttar Pradesh chief minister Yogi Adityanath, addressing a press conference, said that as the Centre's reducing fuel prices "will give a great relief to common man", his government has also chose to give additional relief of Rs. 2.5 per litre on the prices of petrol & diesel".

"The government's move is positive as it will placate prices and inflation, said rating agency Care".

The fuel prices across the country have been skyrocketing for a while now.The rate of normal unleaded petrol in Chennai on Thursday stood at Rs 87.33 per litre and that of diesel stood at Rs 79.79 per litre, while in Bengaluru, one litre of petrol cost Rs 84.67 per litre and diesel stood at Rs 75.84 per litre. "What will they do now and last time also only BJP and NDA-led state governments reduced Value-Added Tax".

"Oil marketing companies will absorb Rs 1 from the central govt cut on 2.50 relief on petrol and diesel", he said. "Thus petrol & diesel wd be Rs 5 cheaper in the State of Gujarat", Gujarat CM tweeted.

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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. "First we will see the order then make a decision on petrol and diesel". The centre levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. You should understand that the reduction effected on Thursday is on this amount. In a tweet he said, "Madhya Pradesh has also reduced VAT [Value Added Tax] on fuel as a result of which the people will get a relief of Rs 5". Petrol rates increased by Rs 0.15 per litre and diesel rates increased by Rs 0.20 per litre on Thursday.

Maharashtra CM Devendra Fadnavis thanked PM Modi and Finance Minister Arun Jaitley for excise duty cut. "There should be a substantial reduction".

Fuel prices have been consistently hitting record highs since mid-August. This decision should have been made long back. This is an act of fraud. If the Centre is serious, it should reduce the tax to what it was when it assumed office.

However, South Indian states such as Kerala, Karnataka and Andhra Pradesh say they can't cut their fuel taxes anytime soon. "This government at the Centre is not bothered about the well-being of the masses".

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