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Assam Govt slashes prices on petrol and diesel; reduces Value-Added Tax in state

07 October, 2018, 12:29 | Author: Sara Gill
  • Arun Jaitley,Fuel price hike,Finance minister

Finance Minister Arun Jaitley has announced that effective immediately, prices of petrol and diesel will be slashed by Rs 2.5, pan India.

Petrol rate registered a similar increase in Mumbai where it was being sold for Rs 87.29 (increase by Rs 0.14) per litre. However, diesel prices were only reduced by Rs 2.65 per litre to Rs 77.45 per litre. Petrol Price Hits Rs 84 in Delhi, Diesel Costs Rs 80 in Mumbai as Fuel Rates Continue to Soar. He said that while the Centre has cut excise duty on petrol and diesel by Rs 1.50 per litre, the Oil Marketing Companies (OMCs) will further reduce prices by Re 1 per litre.

At long last, the prices of petrol and diesel are all set to come down by around Rs 3 in the city, with the Central government cutting down excise duty on petrol and diesel by Rs 1.50 and also asking oil companies to slash the prices by another Re 1. He added that the last time that the Centre asked states to provide relief to the common man "only BJP or NDA allies-led states" did that.

Thanking Prime Minister Narendra Modi and Union Finance Minister Arun Jaitley, Fadnavis said the reduction in fuel prices will give a huge relief to citizens.

Gujarat CM Vijay Rupani said: "Finance Minister Sh @arunjaitley Ji has announced Rs.2.5 cuts in petrol & diesel prices, reciprocating positively to FM's announcement, the Govt Of Gujarat has also made a decision to reduce Rs.2.50 on both petrol & diesel".


However, South Indian states such as Kerala, Karnataka and Andhra Pradesh say they can't cut their fuel taxes anytime soon. But growing public anger over surging fuel prices has caught the attention of the government.

After Thursday's decision, ratings agency ICRA said in a report that oil marketing firms were likely to lose 72 billion rupees ($976 million) on fuel sales this fiscal year.

However, very soon, the prices can be reduced by Rs 5 as well!

Meanwhile, reports are coming in that Delhi, led by AAP will not cut Value-Added Tax on petrol and diesel. However, the diesel rate in Mumbai was increased by only 7 paise on Saturday.

By lowering duties, the Narendra Modi government is borrowing a page from the rulebook of past governments that have lowered levies whenever worldwide oil prices shot up.

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