Petrol, diesel to be cheaper by Rs 3 in Hyderabad

Jaitley's oily wand: how 8 BJP-ruled states will benefit from fuel excise duty cut

Jaitley's oily wand: how 8 BJP-ruled states will benefit from fuel excise duty cut

In New Delhi, petrol prices rose by 15 paise to Rs 84 a litre while diesel prices increased by 20 paise to Rs 75.45 per litre.

Petrol and diesel prices continued to move upwards today after a brief breather to consumers. Diesel prices were also reduced by Rs 2.50 per litre to Rs 72.95 per litre.

The government said on Thursday it was cutting gasoline and diesel by 2.50 rupees per litre to help Indians struggling to pay for fuel prices that had climbed on the back of a rise in global crude prices and a weakening rupee.

Khuntia said the state government has been criticizing the Centre for not reducing the oil prices.

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Speaking on the reason for price cut, the Finance Minister said that there has been a significant impact of higher interest rates in the United States and crude oil prices on rising fuel prices in the country.

Thanking Prime Minister Narendra Modi and Union Finance Minister Arun Jaitley, Fadnavis said the reduction in fuel prices will give a huge relief to citizens. Centre will issue notification on cut in excise duty by Thursday midnight so that consumers get immediate relief. Some 12 BJP-ruled states, including Haryana, Uttar Pradesh, Assam and Gujarat, apart from poll-bound MP and Chhattisgarh, also reduced Value-Added Tax, which resulted into a reduction of the price of fuel in at least 12 states by Rs 5 a litre. The states where the prices have been decreased are Gujarat, Chhattisgarh, Tripura, Jharkhand, Uttar Pradesh, Madhya Pradesh, Maharashtra, Himachal Pradesh, Haryana, Assam, Arunachal Pradesh, Uttarakhand, Jammu and Kashmir and Goa, said reports.

Nayara, Reliance and smaller private rival Shell together own around 6,000 fuel retail outlets, compared to the 55,000 outlets operated by state firms.

Jaitley said the impact of the excise duty cut on the Centre's revenues would be about Rs 21,000 crore in a full year and Rs 10,500 crore in the remainder of the current financial year. However, the diesel rate in Mumbai was increased by only 7 paise on Saturday. So, a total of Rs.2.50 will be reduced on both diesel and petrol.

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