Daily Trends Now
Daily Trends Now


Petrol, diesel prices cut by Rs 2.50 per litre

Petrol, diesel prices cut by Rs 2.50 per litre

Bihar government also reduced petrol and diesel prices by Rs 2.52 and Rs 2.55 per litre respectively on Friday.

In the announcement, Jaitley has also asked state governments to announce a matching reduction in duties and taxes levied by the state, which could see the prices decrease even further. The government on 26 September raised the import duty on 19 non-essential items, including refrigerators, air-conditioners, jewellery, diamonds and jet fuel, accounting for annual imports worth Rs 86,000 crore, to arrest a widening CAD.

"The government's aim is to give relief to the consumer by increasing their purchasing power without impacting the fiscal deficit", he said.

On the falling rupee, Jaitley said it was a cause of concern due to the variance in political and economists' opinion and if one only looked at the transient situation. Its price will be down by Rs 1.28 per litre and in total by Rs 3.78 per litre.

By lowering duties, the Narendra Modi government is borrowing a page from the rulebook of past governments that have lowered levies whenever global oil prices shot up.




The relief to consumers will be in three parts - centre will cut excise duty by Rs 1.5, and oil marketing companies (OMCs) will factor in Re 1 in their pricing, and states have been asked to cut Value-Added Tax as they have raked in windfall gains due to ad valorem nature of the levy that results in higher realisation whenever rates move up, he said.

Jaitley said the move followed Brent crude oil touching four-year high of Dollars 86 a barrel Wednesday and interest rates in United States reaching seven-year high. Other BJP-ruled states are expected to follow suit. The Centre has cut excise duties only twice in the past 22 months - once in October a year ago when it cut the duty by Rs 2 a litre and now by Rs 1.50.

States Respond; Price Reduced By Rs 5!

Jaitley said it will be a test for those states whose leaders were only tweeting and indulging in lip sympathy.

Petrol prices have been rising for more than a month now and have reached fresh record highs across the country. Petrol was priced at Rs. 81.68 per litre in New Delhi, Rs. 83.52 per litre in Kolkata, Rs. 87.15 per litre in Mumbai and Rs. 84.89 per litre in Chennai, according to Indian Oil Corporation (IOC). He said that all that was done before the BJP came in was the cut down on expenditure to manage balance sheets, which in turn made the growth suffer.

follow

editors' picks

October 07, 2018
Senate votes to advance Brett Kavanaugh nomination to final vote Saturday
Manchin said in a written statement, "My heart goes out to anyone who has experienced any type of sexual assault in their life". Ford alleged that Kavanaugh sexually assaulted her at a social gathering during their high school years in the early 1980's.

October 05, 2018
Jaitley lowers petrol, diesel prices by Rs 2.5 per litre
Brent, the benchmark for more than half the world's oil, is trading at a four-year high of over Dollars 84 per barrel. Jaitley also asked state governments to cut value added tax on fuel by a further 2.50 rupees per litre.

October 04, 2018
Melania Trump arrives in Malawi tomorrow
State House press officer Chikondi Juma told the local media that Trump's visit will focus on promoting education and health. After passing through the " door of no return ", she placed a wreath nearby and stood solemnly while her guide sang.

October 04, 2018
Joe Maddon will return as Cubs manager in 2019
One day after letting their division titles slip away, the Chicago Cubs and Colorado Rockies find themselves facing elimination. The Rockies only scored two runs ... but it was enough it reinforced what got the Rockies to this point.

October 01, 2018
NAFTA talks run up against deadline; U.S. tariffs remain tough issue
Sources familiar with the talks told Reuters on September 11 that Canada was ready to give the United States limited dairy access. The two nations are now working to avoid a fight that could jeopardize $500 billion in annual trade, according to the tweet.

September 30, 2018
Three takeaways for investors after the Tesla suit
Tesla shares have been volatile for years, but even by its standards, August and September have been dramatic. The billionaire entrepreneur said he had done nothing wrong and the company's board said it supported him.

September 28, 2018
Kavanaugh accuser says her strongest memory is 'uproarious laughter'
Christine Blasey Ford drew on her training as a psychologist. "I think we're in a different time", she told The Hill . The allegations against Kavanaugh have cast a cultural spotlight on his nomination in light of the "Me Too" movement.

September 25, 2018
Kawhi Leonard’s Awkward Laugh Becomes Instant Meme On Raptors Media Day
The normally stoic forward poked fun at himself at his first media appearance as a Raptor, quipping, "I'm a fun guy". Kawhi Leonard is rarely seen smiling, which has led many to conclude he is a serious guy with a boring personality.

September 22, 2018
Cruz, O'Rourke Hold First Debate In Dallas
The UVA poll also revealed that Hispanic voters supported O'Rourke over Cruz by a ratio of about 2-to-1. There were almost 45,000 "O'Rourke" tweets as well, and all three terms became top trends in the U.S.

September 20, 2018
Union Cabinet clears ordinance on instant Tripe-Talaq
He demanded that Prime Minister Narendra Modi should bring a law to protect Hindu women deserted by their husbands. The practice of instant divorce , called " triple talaq ", happens in person, over the phone, by text and in email.