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

Modi Government Blinks on High Fuel Prices Cuts Excise Duty on Petrol and Diesel

The rate of petrol has been hiked by Rs 0.14 in the four metros.

Bihar government also reduced petrol and diesel prices by Rs 2.52 and Rs 2.55 per litre respectively on Friday.

Just after the BJP government came into power on May 26, 2014, the prices of petrol and diesel in Delhi were Rs. 71.51 and Rs 57.84 respectively. Petrol and diesel prices on Saturday were also hiked by 20 paise and 30 paise, respectively.

Mumbai: A day after slashing Value-Added Tax on petrol in Maharashtra, Chief Minister Devendra Fadnavis on Friday announced a reduction in diesel prices by Rs.4.06 per litre. The chief minister said that the Maharashtra government has a positive stand on bringing petrol and diesel under the ambit of Goods and Services Tax.

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On Thursday, while addressing media, Arun Jaitley said that the excise duty will be reduced by Rs 1.50 and OMC (Oil Marketing Companies) will absorb Re 1. On Wednesday, Brent hit its highest price since late 2014 at $86.74. In BJP-ruled states, the reduction was higher as they matched the cut with a similar reduction in local sales tax or VAT.

He said after the Centre's relief of Rs.2.50 per litre on diesel, the state government has chose to give a further relief Rs.1.56 per litre by way of taxes.

Similarly, diesel rates are hiked by 29 paise a litre each on October 6 and Sunday. The rate of diesel has been hiked by Rs 0.29 in Delhi and Kolkata, and by Rs 0.31 in Mumbai and Chennai.

Since yesterday, prices of auto fuels declined the most in Assam and Madhya Pradesh, followed by Jammu & Kashmir, Chhattisgarh and Arunachal Pradesh. For the remainder of current fiscal, it would be Rs 4,500 crore, with IOC's share being roughly half and the rest is split equally between HPCL and BPCL.

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