India Introduces Fuel Relief On Rising Prices At The Pump

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The central government dropped the central excise duty on fuel by Rs 1.50 a litre and asked oil companies to absorb Rs 1/litre. Of the Rs 2.5 cut, the Centre will bear Rs 1.5 of the burden and oil marketing companies will take a hit of Re 1 per litre.

This reduction in petrol prices was needed, as Maharashtra recently breached Rs 90 per litre mark, and speculations were rife that the price of petrol will soon touch Rs 100.

The 11 states which announced cuts in petrol and diesel prices are Maharshtra, Madhya Pradesh, Jharkhand, Chhattisgarh, Assam, Uttar Pradesh, Haryana, Jammu and Kashmir, Himachal Pradesh, Tripura, and Gujarat.

All the cuts will be effective from midnight, as clarified by Dr. Hasmukh Adhia, finance secretary.

"The government has cut down borrowing this year by Rs 70,000 crore".

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Following this, the Gujarat and Maharashtra Governments announced additional relief of Rs2.5/litre Petrol/Diesel. Delhi BJP chief Manoj Tiwari has already demanded that chief minister Arvind Kejriwal reduce Value-Added Tax on petrol and diesel.

► Meanwhile, Karnataka CM HD Kumaraswamy said that they have already cut the price by Rs 2 last month.

Assam government also chose to reduce Rs 2.50 on both petrol and diesel, thus making it Rs 5 less than the prevailing rates, said Himanta Biswa Sarma, the state minister of Finance, Health & Family Welfare, PWD, Transformation & Development. Diesel prices in Chennai increased by 22 paise to Rs 79.79 a litre and by 20 paise to Rs 77.30 per litre in Kolkata. However, the government had said that it had no role in the increasing prices of petrol and diesel.

Jharkhand CM Raghubir Das said: The state government has also made a decision to give an additional relief of Rs 2.5/litre on diesel in the state.

The national reduction translates to a 3 percent cut in petrol prices, and a 3.3 percent fall in diesel prices in India's capital New Delhi. "Then we will also step in".

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"Excise duty to be reduced by Rs 1.50 and OMCs will absorb 1 rupee".

In September, the chief minister had announced a Rs 2 cut on petrol and diesel prices while the country was seeing daily increase in prices.

The Communist Party of India- Marxist (CPI-M) led Left Democratic Front government in Kerala on Thursday, 4 October ruled out slashing the cess on petrol and diesel to match the Centre's announcement in fuel price cut.

Punjab Chief Minister Captain Amarinder Singh called a meeting of officers of excise and taxation and finance department on Friday to assess the implications and the impact of the Centre's suggestion to states on reducing fuel prices.

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