Published: Sun, October 07, 2018
Finance | By Gustavo Carr

Petrol, diesel to be cheaper by Rs 3 in Hyderabad

Petrol, diesel to be cheaper by Rs 3 in Hyderabad

West Bengal Chief Minister Mamata Banerjee and Delhi Chief Minister Arvind Kejriwal demanded that the Centre cut excise duty by Rs 10 per litre on petrol and diesel.

As of Thursday, petrol prices in Delhi had climbed to ₹84 per litre and ₹91.34 in Mumbai; diesel was being sold at ₹75.45 and ₹80 in Mumbai.

The three private firms had shut fuel stations in 2008 when they could not compete with what was then highly subsided petrol and diesel prices. When compared to the neighboring states, Arunachal Pradesh levies 20 pct Value-Added Tax on petrol and 12.50 pct on diesel and Tripura collects Value-Added Tax at the rate of 23.15 pct on petrol and 16.18 pct on diesel. On Thursday, Maharashtra had reduced the price of petrol by Rs 2.50 per litre, making it cheaper by Rs 5.

The Centre lowered the excise duty on petrol and diesel by Rs 1.50 per litre and directed state-owned oil marketing companies to forgo another rupee a litre, effectively reducing pump prices for auto fuels by Rs 2.50 per litre. That's aimed at checking a rise in retail prices which hit new highs every day as the Brent crude surged 28 percent his year.

The decision was announced by finance minister Arun Jaitley after he held a closed-door meeting with Prime Minister Narendra Modi and petroleum minister Dharmendra Pradhan.

All the cuts will be effective from midnight, as clarified by Dr. Hasmukh Adhia, finance secretary. "BJP-led Union government has cut the prices of petrol and diesel by Rs 2.50".

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

However, South Indian states such as Kerala, Karnataka and Andhra Pradesh say they can't cut their fuel taxes anytime soon.

Tripura government has also slashed the prices of fuel.

Price of petrol in Mumbai fell by Rs 4.37 per litre to Rs 86.97 per litre.

States Respond; Price Reduced By Rs 5!

The year 2015-16 and 2016-17 was the best in terms of revenue generation from oil for the central government.

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