‘Panic reaction ahead of elections,’ says Congress after fuel price cut

Randal Sanchez
October 7, 2018

In Delhi, where the fuel prices are the lowest among all metros and most of the state capitals, petrol is now sold at Rs 84 per litre and diesel at Rs 75.45.

Petrol is now retailed at Rs 81.82 per litre in Delhi, Rs 87.29 per litre in Mumbai, Rs 83.66 in Kolkata and Rs 85.04 in Chennai.

Petrol and diesel prices continued to move upwards today after a brief breather to consumers. Petrol and diesel prices on Saturday were also hiked by 20 paise and 30 paise, respectively.

The government of India has finally pitched in to cut down the prices of fuel in India by cutting the excise on petrol and diesel. He added that the last time that the Centre asked states to provide relief to the common man "only BJP or NDA allies-led states" did that.

Jaitley said, "Excise duty will be reduced by Rs 1.50 and Oil Marketing Companies (OMCs) will absorb Rs 1".

The decision was taken during a closed-door meeting between the Prime Minister Narendra Modi, Jaitley and petroleum minister Dharmendra Pradhan.

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The Government will request state governments to cut down, he said.

The new prices became applicable from Thursday midnight. According to reports, Karnataka Chief Minister HD Kumaraswamy said that the state government will not reduce prices anymore since it has already announced a rate cut.

Jaitley, however, said asking oil companies to bear a part some burden is not going back on deregulation.

In the process, the Modi government also scored an own goal against its pet theme of simultaneous polls as some citizens prayed for "an election a month or a week" to keep prices down. However, in Mumbai, the diesel have gone up by 7 paise only.

Last month, Rajasthan, Karnataka and Andhra Pradesh had reduced Value-Added Tax to cushion consumers for a spate of price increases. So, a total of Rs.2.50 will be reduced on both diesel and petrol.

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"The government has cut down borrowing this year by Rs 70,000 crore". Any further revenue loss, however, could widen the fiscal deficit.

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