Petrol, Diesel price rise again: Check todays rates in metro cities

Kenny Grant
October 4, 2018

Following the Centre's announcement, BJP-ruled Maharashtra and Gujarat - which are among the highest taxing state, announced Rs 2.50 per litre reduction in the Value-Added Tax. 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 government on Thursday announced a Rs 2.50 per litre cut in petrol and diesel prices after it reduced excise duty by Rs 1.50 a litre and asked oil companies to absorb another Re 1.

Bihar deputy chief minister Sushil Kumar Modi, who holds the finance portfolio, however told ANI that the state will take a decision after getting official intimation.

Jaitley made this announcement at a surprise press conference in New Delhi where he once again, blamed global crude prices for the near-daily rise in petrol and diesel prices.

Jaitley said he was confident of meeting the fiscal deficit target this year even though the Centre's revenue would decline by Rs 10,500 crore in 2018-19 because of the excise duty cut on fuel.

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Jaitley, however, downplayed fiscal implications around the fuel price cut.

State-owned oil firms had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions.

"This is perfectly good economics. we want consumers to spend money on other items do it without impacting the fiscal deficit is surely good economics", he announced after an inter-ministerial discussion with petroleum ministry. Jaitley said it will be a test for those states whose leaders were only tweeting and indulging in lip sympathy.

Inflation in India, however, was still moderate at less than 4 per cent and higher direct tax collections give comfort with regard to fiscal deficit, he said, adding that domestic macroeconomic indicators were strong and stable, except for current account deficit.

On the bullish stock markets and weakening of Rupee, Jaitley blamed it on Brent crude touching a four-year high of $86 a barrel and interest rates in the USA reaching their highest level in seven years.

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