Diesel cheaper by Rs 4.06

FM Arun Jaitley addressing a press conference at North Block in New Delhi

FM Arun Jaitley addressing a press conference at North Block in New Delhi

This is the second time in one year that the Centre has cut excise duty on petrol and diesel as rising prices pinch the common man.

The government said on Thursday it was cutting gasoline and diesel by 2.50 rupees per litre to help Indians struggling to pay for fuel prices that had climbed on the back of a rise in global crude prices and a weakening rupee. Petrol Price Hits Rs 84 in Delhi, Diesel Costs Rs 80 in Mumbai as Fuel Rates Continue to Soar.

Petrol prices in Mumbai have also witnessed a hike of 18 paise and are being sold at Rs 87.15 per litre, however, the price of diesel has decreased by 70 paise and it is being retailed at Rs 76.75 per litre.

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Earlier this week on Thursday, Finance Minister Arun Jaitley announced that the Centre will cut excise duty on petrol and diesel by Rs 1.5 and OMCs will absorb Re 1 on the prices. BJP workers led by party's Bhubaneswar unit president Harekrushna Khuntia came in a procession starting from BJP state headquarters to Master Canteen and staged a protest meeting at Lower PMG.

The move reversed a 2014 decision to scrap regulated fuel prices, a regime that was blamed for deterring state oil marketing firms from expanding and for choking off investment in domestic oil fields by India's biggest oil producer. We welcome this decision and thank Prime Minister Narendra Modi on behalf of the people and BJP workers.

All the cuts will be effective from midnight, as clarified by Dr. Hasmukh Adhia, finance secretary.

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Additionally, the union minister was generous enough to urge the state governments to follow the Center's footsteps and cut down the rates of petrol and diesel.

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

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.

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Jaitley said the total impact of Rs 1.50 cut in excise duty is about Rs 21,000 crore for full year and Rs 10,500 crore the reminder of current fiscal. States saw their Value-Added Tax revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18.

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