Government Announces Relief On Fuel Prices By Reducing Excise Duty

Alicia Cross
October 6, 2018

The Centre on Thursday slashed excise duty on fuel to the tune of Rs 1.50 per litre, thus reducing the overall price of petrol and diesel each by Rs 2.50 per litre.

Apart from this, the oil marketing companies in India have been asked to bear the remaining burden of Re 1 per every litre and with this, the customers will get a relief of Rs 2.50 per litre on both petrol and diesel.

Himanta Biswa Sarma said that although there was a windfall of additional revenue because of the rise in petroleum price but it was significantly less, and with the reduction of Value-Added Tax in petrol and diesel, there will be a total revenue loss of Rs 400 crore for Assam. If the Centre is serious, it should reduce the tax to what it was when it assumed office.

The Centre on Thursday cut prices of petrol and diesel by Rs 2.5 per litre, to give relief to common man as global oil prices were hovering over four years high.

This reduction in petrol prices was needed, as Maharashtra recently breached Rs 90 per litre mark, and speculations were rife that the price of petrol will soon touch Rs 100.

Union Finance Minister Arun Jaitley spoke on the second day of the Hindustan Times Leadership Summit 2018.

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This year alone, petrol and diesel prices have been hiked by Rs 13.91 and Rs 15.59 respectively in the national capital.

► Meanwhile, Karnataka CM HD Kumaraswamy said that they have already cut the price by Rs 2 last month.

"Three major factors decide crude oil prices".

The Finance Minister said, the prices of crude oil and domestic developments in the United States have impacted the economies across the world.

Excise duty to be reduced by Rs.1.50 & OMCs will absorb 1 rupee. But with a weakening rupee, it will likely have fewer options in the form of import-related tax cuts.

According to the Finance Minister, the move will have an impact of Rs 10,500 crore this fiscal but the government is confident of achieving the fiscal deficit target.

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