Assam Govt slashes prices on petrol and diesel; reduces Value-Added Tax in state

Arun Jaitley,Fuel price hike,Finance minister

Arun Jaitley,Fuel price hike,Finance minister

Hailing the government's decision to cut petrol and diesel prices by Rs 2.50 per litre, BJP President Amit Shah on Thursday said all the party-ruled states will give additional relief of Rs. 2.50 per litre by reducing Value-Added Tax.

Share prices of OMCs have taken a beating on both the stock exchanges since Thursday.

The Minister expressed confidence about meeting the fiscal deficit target despite the excise duty cut, saying increased revenue collections would absorb the impact of the cuts.

The finance minister asked state governments to match the move with a similar reduction in sales tax or VAT and it will be a test for those states whose leaders were only tweeting and indulging in lip sympathy.

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.

All four states are BJP ruled.

Meanwhile, the Maharashtra government slashed the diesel prices by Rs 1.56 per litre, taking the effective relief on the transportation fuel to Rs 4.06.

"Respected Modi ji, the common man is very distressed over skyrocketing prices of petrol and diesel".

The consumers will get a benefit of Rs. 2.50, said finance minister Arun Jaitley while announcing the decision.

In Chennai, the petrol price was Rs 84.70 per litre while that of diesel was Rs 77.11 today.

Jharkhand CM Raghubir Das said: The state government has also chose to give an additional relief of Rs 2.5/litre on diesel in the state. But growing public anger over surging fuel prices has caught the attention of the government. Their prices are likely to come down to below Rs 85 a litre and Rs 80 a litre respectively on Friday.

Bihar Deputy Chief Minister Sushil Kumar Modi said his government has not received any letter from Jaitley on the matter, ANI reported. However, the diesel rate in Mumbai was increased by only 7 paise on Saturday.

India's government has introduced a fuel relief as prices at the pump rise inexorably, following soaring worldwide benchmarks, Indian media report, citing the official statement by Finance Minister Arun Jaitley.

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