Published: Sat, October 06, 2018
Money | By Ralph Mccoy

Petrol, diesel to be cheaper by Rs 3 in Hyderabad

Petrol, diesel to be cheaper by Rs 3 in Hyderabad

Finance Minister Arun Jaitley on Thursday cut petrol and diesel prices by Rs 2.50 per litre with immediate effect, providing some relief from rising fuel prices.

Finance Minister Arun Jaitley, who made the announcement, pegged the excise duty cut impact at Rs 10,500 crore.

However, the Federation of All Maharashtra Petrol Dealers Association (FAMPEDA), Chairman, Uday Lodh, while welcoming the reductions, pointed out that the daily price increase by the Oil Marketing Companies will continue as per the global crude oil price fluctuations.

While the recent tax cut by the government resulting in the lower fuel price is great news for consumers, global oil prices are still a big determinant on how petrol and diesel are ultimately priced in India.

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The BJP-led government in Haryana Thursday announced a Rs 2.50 per litre cut in petrol and diesel prices, while the Punjab government has called a meeting on Monday to decide on the issue. The move is going to cost the exchequer about Rs 10,500 crore, which will stand at 0.05 percent of the fiscal deficit. Fuel prices have been increasing steadily day by day, owing to the declining value of the Indian Rupee and volatile prices of crude.

In a significant decision which would give major relief to the people, the Petrol and Diesel prices in Jammu and Kashmir have been slashed by Rs 5 per litre. "The reduction is too late and too little... the Centre should have reduced excise duty further and should have asked oil marketing companies to absorb more". Petrol prices were regulated until 2012, while diesel prices remained so until 2014. After much chaos regarding the fuel rate, the government has chose to cut down the price of the fuel. HPCL shares fell 14.7% to Rs 214.40, BPCL was down 17.08% at Rs 313 and Indian Oil dived 14.23% to Rs 134.95.

Brent, the benchmark for more than half the world's oil, has touched Dollars 86 per barrel mark, the highest in four years. But with a weakening rupee, it will likely have fewer options in the form of import-related tax cuts. 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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