After excise cut on fuels, Siddaramaiah rules out sales tax reduction

Petrol diesel to be cheaper by Rs 2 per litre

Petrol diesel to be cheaper by Rs 2 per litre

Last week, the spurt in rates, caused by the rally in global oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week. On diesel as well, the excise duty has been cut by Rs 2 to reach Rs 6.33 per litre. In fact, in the budget this year, the government has imposed Rs 2 per liter road cess on petrol and diesel on the other hand.

The prices of petrol and diesel have a significant effect on the retail inflation. The Modi government also abolished additional excise duty on fuel by Rs 6.

There were expectations that Jaitley would cut excise duty on petrol and diesel for the second time this year, coming on top of the reduction announced last October.

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With the daily rising prices of petrol and diesel in the country, it was hoped that the government could give relief to people by cutting excise duty on them.

With crude oil price inching towards $70 a barrel, the petroleum ministry had earlier sought the intervention of the finance ministry to cut excise duty on petrol and diesel in the budget. Today, price of petrol went up by 15 paisa per liter and that of diesel by 19 paisa.

Ahead of the release of Budget, speculations were rife over the government rolling out measures to control the raging fuel prices, especially petrol which has crossed the Rs 80-benchmark in Mumbai, Delhi, Bengaluru, Pune, Chennai and Noida. To the consumers, there is no change, " the Finance Secretary said.

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According the notification issued by the Ministry of Finance, the government increased the price of HSD by Rs5.92 per litre, petrol by Rs2.98 per litre, SKO by Rs5.94 per litre and LDO by Rs5.93 per litre.

Every $1-per-barrel-rise in crude oil prices inflates India's import bill by $1.33 billion, which can potentially put a downward pressure on the domestic currency.

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