Tuesday, 23 October, 2018

‘Panic reaction ahead of elections,’ says Congress after fuel price cut

Shares of oil marketing companies fell after finance minister Arun Jaitley said that the government has asked the companies to absorb Rs 1 cut on fuel prices Fuel Prices: Center Finally Responds To Common Man’s Plight
| 07 October, 2018, 12:30

Government taxes are estimated to account for almost 40% of retail prices of petrol and diesel.

Petrol rate registered a similar increase in Mumbai where it was being sold for Rs 87.29 (increase by Rs 0.14) per litre.

Global oil prices still a major factor on how petrol and diesel are ultimately priced.

Except for Mumbai, diesel prices are up by around 30 paise across the cities.

Recently, the BJP government announced a Rs 2.50 per litre reduction in prices of petrol and diesel.

The price of diesel in Delhi and Mumbai today (Oct 5) was Rs 72.95 and Rs 77.45 per litre, respectively.

The state and and Centre's decision collectively resulted in a drop in petrol prices by around Rs 4.37/litre, against the promised Rs 5/litre, from 6 a.m. on Friday in Maharashtra, which had been reeling under the highest fuel prices anywhere in the country.

Hailing the government's decision to cut petrol and diesel prices by Rs 2.50 per litre, BJP President Amit Shah on Thursday said all the party-ruled states will give additional relief of Rs. 2.50 per litre by reducing Value-Added Tax.


All four states are BJP ruled.

The shares of Indian oil marketing companies sank after the announcement, with Indian Oil Stocks down by 18.24 percent, HPCL stocks tumbled by 22 percent and BPCL stocks declined by 19 percent.

The price cuts would be effective from midnight tonight. The governments of Maharashtra, Gujarat, Chhattisgarh, Jharkhand and Uttar Pradesh - all under the rule of the Bharatiya Janata Party - have already said they will do so.

The Minister expressed confidence about meeting the fiscal deficit target despite the excise duty cut, saying increased revenue collections would absorb the impact of the cuts.

In a boost to oil companies, the Reserve Bank of India (RBI) on Wednesday eased the overseas borrowing norms by up to $10 billion.

Assam CM Sarbananda Sonowal said - "Welcome decision by the Centre to cut down prices of Petrol and Diesel - a decision taken in the interest of the common people".

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

States Respond; Price Reduced By Rs 5!

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