The Centre has reduced central excise duties by Rs 1.50 a litre while oil marketing companies have been asked to absorb Re 1 a litre, Jaitley said.
It has done so by slightly cutting the excise duty, a type of indirect tax, on imported diesel and petrol by ₹1.50 per litre and directing several state-run oil marketing companies to cut prices by a further ₹1 per litre on the sale of petrol and diesel.
Finally, after an unhindered rally of fuel prices, the government has announced a tax-cut to compensate for the increase in crude prices.
Jaitley said the decision to give relief to consumers was necessitated by the uncertainty regarding the worldwide oil prices and was made possible by better-than-expected revenue collections. PM Modi expressed concerns over rising fuel prices in the season of Rabi crops.
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While the recent tax cut by the government resulting in the lower fuel price is great news for consumers, global oil prices are still a big determinant on how petrol and diesel are ultimately priced in India. He said that Rs 10,500 crore will be the impact of the excise duty cut this year.
Yet now that the higher oil prices have combined with a falling rupee after the latest quarterly economic growth figures turned out disappointing, with the deficit widening, India is facing a serious challenge in sustaining its growth while reducing the adverse impact of the latest oil market developments.
Interestingly, among the NE states, Assam levies the highest VAT- 30.90 pct on petrol and 22.79 pct on diesel. "The government will bear the losses in the larger public interest", Fadnavis said. Mumbai, for instance, saw the price of petrol cross the Rs 90/litre barrier while the cost of diesel had also breached the Rs 80/litre mark.
Transport fuel prices have continued on a daily record-breaking upward movement with petrol inching closer to Rs 84 in Delhi and having already crossed the Rs 91 a litre mark in Mumbai.
India Introduces Fuel Relief On Rising Prices At The Pump
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.
States Respond; Price Reduced By Rs 5!
Tripura too has made a decision to match the reduction by Rs 2.5 per liter.
"The government's capacity to provide relief is only when domestic factors are strong", he said.
Maharashtra, Gujarat and the other BJP ruled states were quick to hear him.
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