Petrol Price reduced. The government has announced a relief of Rs 2.50 on petrol and diesel at a time when the Brent crude has touched $86 per barrel and there is uncertainty in the international crude oil market. The petrol price is reduced.
Announcing the decision, Finance Minister Arun Jaitley said that the Centre will cut Rs 1.50 in excise duty on fuel while an additional Re 1 will be absorbed by the Oil Marketing Companies.
Besides, he also urged the state governments to cut the VAT on fuel by an equal amount. Jaitley said that fiscal deficit is under no threat from the move and the government is confident of achieving the target. States had already started making the profit of over Rs 7 per litre when fuel prices crossed $80 per barrel.
So far, the following states have decided to cut fuel prices by Rs 2.50, which means the in total, fuel prices will be reduced by Rs 5 in these states Petrol:
Jammu & Kashmir
Karnataka has ruled out the price cut for now. “We had already cut the fuel price by Rs 2 last month,” Karnataka CM HD Kumaraswamy said. The above states are Petrol price reduced.
BJP President Amit Shah has said that all the BJP-ruled states have also decided to reduce VAT by Rs.2.50 per litre on petrol and diesel prices, ANI report
FM Shri @arunjaitley addressing a Press Conference in New Delhi today where he announced reduction in Central Excise Duty @Rs.1.50/litre in case of both petrol & diesel while OMCs to absorb cut of Rs.1/ litre, giving an overall relief of Rs.2.50/litre in petrol & diesel prices: pic.twitter.com/0ClL6nmO9V
— Ministry of Finance (@FinMinIndia) October 4, 2018
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