Petrol, Diesel Prices Rise In Metros Despite Cuts; Check Rates Here

Arun Jaitley,Fuel price hike,Finance minister

Arun Jaitley,Fuel price hike,Finance minister

The total price cut in these states is now Rs 5 per litre. The data shows that as of October 5, 2018, the prices of petrol and diesel in Delhi are Rs 81.50, reduction from Rs 84.

This reduction in petrol prices was needed, as Maharashtra recently breached Rs 90 per litre mark, and speculations were rife that the price of petrol will soon touch Rs 100.

Other pump owners expressed apprehensions that with the reduction in Value-Added Tax on petrol in Maharashtra, diesel prices will gradually catch up with petrol if immediate relief is not provided.

The Maharashtra government on Friday announced a relief of Rs1.56/litre on diesel prices.

The shares of Indian oil marketing companies sank after the announcement, with Indian Oil Stocks down by 18.24 percent, HPCL stocks tumbled by 22 percent and BPCL stocks declined by 19 percent.

The decision was announced by finance minister Arun Jaitley after he held a closed-door meeting with Prime Minister Narendra Modi and petroleum minister Dharmendra Pradhan.

The state of Karnataka, who earlier slashed fuel prices by Rs 2, will not be announcing any more cuts.

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

The Government will request state governments to cut down, he said. However, the diesel rate in Mumbai was increased by only 7 paise on Saturday.

Congress spokesperson Randeep Singh Surjewala said the whole exercise was a hoax since the Modi government had raised duties on petrol by 211 per cent and diesel by 443 per cent during its four years in office.

Another wondered: "Make me understand this: after fuel prices go up by Rs 20, they get cut by Rs 2 and we "celebrate"?"

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

States Respond; Price Reduced By Rs 5!

Absorbing this Rs 10,500 crore in increased collection and maintaining fiscal deficit I am confident we will be able to do that.

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