‘Panic reaction ahead of elections,’ says Congress after fuel price cut

‘Panic reaction ahead of elections,’ says Congress after fuel price cut

The effective reduction would be Rs 4.06 per litre.

The state will do so if the Centre bring the fuel prices down to the level when the Narendra Modi government assumed office in May 2014, Issac told the media here while reacting to Union Finance Minister Arun Jaitley's statement in this regard.

But. Overall Price Can Be Reduced By Rs 5 Per Litre.

.

The decision was taken at an inter-ministerial meeting of the finance and the petroleum ministries. When the Congress demitted power, central excise duty on petrol was Rs 9.23 per litre. Whereas Maharashtra government has not done any additional reduction on petrol price and Jharkhand also not slashed down the price.

Jaitley appealed to the states to match the Centre's effort by reducing value-added tax or VAT by Rs. 2.50 so that the total benefit to citizens is at least Rs. 5.

Three BJP-ruled states - Rajasthan, Madhya Pradesh and Chhattisgarh - are scheduled to go to the polls later this year.

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. Maharashtra and Gujarat were quick to respond.

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Tripura too has made a decision to match the reduction by Rs 2.5 per liter. Both petrol and diesel were settled at Rs 88.97 a litre and Rs 81.99 a litre respectively. This means that petrol will continue to be expensive in Delhi. If the Centre is serious, it should reduce the tax to what it was when it assumed office.

Share Prices Of Oil Companies Tank!

Jaitley, however, said asking oil companies to bear a part some burden is not going back on deregulation. Oil and Natural Gas Corp Ltd was down 10.6%.

Interestingly, share market witnessed a major crash today, as more than 800 points were lost since morning.

The move to ask state-owned oil firms, who were given pricing freedom, to absorb Re 1 per litre was seen as a return of government control over pricing, leading to stocks of Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) tanking.

We will keep this post updated, as more details come in.

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