Government Announces Relief On Fuel Prices By Reducing Excise Duty

INDIA-FUEL-SALES

So much for good governance?

The relief to consumers will be in three parts - centre will cut excise duty by Rs 1.5, and oil marketing companies (OMCs) will factor in Re 1 in their pricing, and states have been asked to cut Value-Added Tax as they have raked in windfall gains due to ad valorem nature of the levy that results in higher realisation whenever rates move up, he said. Both petrol and diesel were settled at Rs 88.97 a litre and Rs 81.99 a litre respectively. After you announced Rs 5/litre, implement it instead of giving just Rs 4.37/litre... Worldwide crude oil prices are linked to geopolity, fluctuation in the exchange rate as well as the tax structure of respective states and the Centre.

The first aspect of this plan involves the government cutting excise duty by Rs 1.5 per litre of petrol and diesel.

"By asking the oil marketing companies to absorb the price hike, the government is giving a signal that it can interfere at anytime in a deregulated market in the larger public interest", said Gagan Dixit, a senior analyst with Elara Capital. In response, the governments of Maharashtra and Gujarat have also announced a reduction in excise duties.

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Global fuel prices, however, have been on the rise with the worldwide benchmark Brent crude nearing a four-year high of $86 per barrel earlier this week.

"We are now working out a formula to bring down the diesel prices by at least Rs 4/litre".

"I hope all state governments do this, and they announce this so that consumers benefit by 5 rupees", Jaitley told reporters. This means that petrol will continue to be expensive in Delhi. Jaitley expressed confidence in maintaining the fiscal deficit target for the current financial year despite the reductions. The government has upped its ante and steps has been taken to cut down on the borrowing by Rs 70,000 crore and it has allowed OMCs to raise $10 billion. Any further revenue loss, however, could widen the fiscal deficit.

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