Petrol, diesel price cut: States follows Centre’s footsteps, reduce taxes on fuel

Centre cuts excise duty on fuel by Rs 1.50 per litre Oil companies to absorb Re 1 per litre

He also thanked Prime Minister Narendra Modi and Finance Minister Arun Jaitley for reducing the rates of petrol and diesel, saying this will give a huge relief to the common man.

The chief ministers of a number of BJP-ruled states also expressed their appreciation of the move, while stating that they will follow suit and cut state taxes.

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.

Fuel prices have been consistently hitting record highs since mid-August.

All the cuts will be effective from midnight, as clarified by Dr. Hasmukh Adhia, finance secretary. It is to be noted that the Maharashtra government has reduced the price of petrol only and not diesel. The Gujarat Chief Minister tweeted that it has matched the central government's reduction, and that petrol and diesel are now cheaper by Rs 5 per litre.

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"Facing public ire and imminent defeat in the five election going states, Modi Government attempted to apply "band-aid" on the thousand wounds inflicted by it by massive profiteering in the prices of petrol, diesel, kerosene oil, cooking gas, CNG, PNG and natural gas". The revenue department will cut excise duty by Rs 1.50 and oil marketing companies will absorb Re 1 per litre.

Karnataka and Kerala have said that they will not be cutting state-imposed taxes on petrol and diesel.

The BJP President said that he had a telephonic conversation with the Chief Ministers of all the BJP ruled states and they will give additional relief of Rs 2.50 per litre to the people by reducing Value-Added Tax.

The Uttar Pradesh government also reduced the price. "UP Govt has also made a decision to give additional relief of Rs. 2.50 per litre on the prices of petrol & diesel", said CM Yogi Adityanath. Petrol rates increased by Rs 0.15 per litre and diesel rates increased by Rs 0.20 per litre on Thursday.

The hike in duties had led to excise collections from petro goods more than doubling in last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18.

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