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Maharashtra government to cut diesel prices by Rs 1.50 per litre

Maharashtra government to cut diesel prices by Rs 1.50 per litre

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.

After the minister's announcement, Jharkhand, Gujarat, Chhattisgarh and Maharashtra too announced a reduction in fuel prices.

Finally, after an unhindered rally of fuel prices, the government has announced a tax-cut to compensate for the increase in crude prices. However, diesel prices were cut by 70 paise in Mumbai and were sold at Rs. 76.75 per litre, a day after Maharashtra announced reduction in diesel prices by around Rs 4/litre.

Jaitley said he on Wednesday met Oil Minister Dharmendra Pradhan and inter-ministerial consultations continued on Thursday.

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. He said that Rs 10,500 crore will be the impact of the excise duty cut this year. The government is very sensitive about the spending behaviour of the common man and we did reduce excise duty in October past year; some states even reduced taxes. In Lucknow, every litre of petrol costs Rs 79.12, whereas the same amount of diesel is selling for Rs 71.28.




The reduction followed petrol and diesel prices touching new highs. Talking about the economy, the Finance Minister said that nothing could be worse than 2013.

► However, Bihar Deputy CM Sushil Modi said that they haven't received any letter from Jaitley ji. The effective reduction would be Rs 4.06 per litre. Petrol prices were freed up by the former government of the Congress party in 2010.

But. Overall Price Can Be Reduced By Rs 5 Per Litre.

.

The minister's assurance of more policy measures comes in the wake of the domestic currency weakening beyond 74 on Friday against the dollar after the Reserve Bank of India chose to keep policy rates steady.

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