Petrol, Diesel cheaper by Rs 5 from midnight

Petrol, Diesel cheaper by Rs 5 from midnight

It is to be noted that the Maharashtra government has reduced the price of petrol only and not diesel. Now, people would get some relaxation as the price has decreased from Rs 2.50 to Rs 5 on Friday.

Petrol and diesel rates are decided on a daily basis by oil-marketing companies on the basis of the rupee-dollar rate and global crude oil prices.

This is the second time in one year that the Centre has cut excise duty on petrol and diesel as rising prices pinch the common man.

Maharashtra's Chief Minister Devendra Fadnavis has just announced an additional relief of Rs 2.5/litre resulting in a total Rs 5/litre drop in petrol prices. In Chennai, petrol and diesel prices climbed to Rs 84.89 and Rs 77.42 respectively. Fuel rates saw a marginal increase after excise duty cut by Centre, VAT reduction by BJP-ruled states and Re 1 price cut by oil marketing companies coming into effect. Other BJP-ruled states are expected to follow suit.

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

Jaitley said the impact of the excise duty cut on the Centre's revenues would be about Rs 21,000 crore in a full year and Rs 10,500 crore in the remainder of the current financial year.

More news: McConnell takes key step toward vote on Kavanaugh nomination

The finance minister asked state governments to match the move with a similar reduction in sales tax or VAT and it will be a test for those states whose leaders were only tweeting and indulging in lip sympathy.

In the process, the Modi government also scored an own goal against its pet theme of simultaneous polls as some citizens prayed for "an election a month or a week" to keep prices down. Petrol prices in Bengaluru were at Rs 82.32, whereas rates for diesel were at Rs 73.61.

Opposition-ruled States like Karnataka, Andhra Pradesh, West Bengal and Kerala had already reduced Value-Added Tax but Congress-ruled Punjab is yet to take a call.

In Kolkata, petrol prices rose to Rs 83.52, whereas diesel prices were at Rs 75.09.

The year 2015-16 and 2016-17 was the best in terms of revenue generation from oil for the central government.

Related Articles

  • Liverpool v Manchester City: Gripping rivalry to deliver another titanic tussle

    Liverpool v Manchester City: Gripping rivalry to deliver another titanic tussle

    The Guinean midfielder stayed overnight in a Naples hospital after suffering a back spasm. Liverpool eliminated Man City from the UEFA Champions League last season .
    Champions League: Livescore from Tottenham Hotspur vs Barcelona

    Champions League: Livescore from Tottenham Hotspur vs Barcelona

    He held the ball up, tracked back and ran around like a man possessed in the second half to try and get his team back in the game. Losing Eriksen, Alli, Mousa Dembele and Jan Vertonghen through injury ahead of such a big night was a cruel blow for Pochettino.
    US  and Canada Strike a Deal to Save NAFTA

    US and Canada Strike a Deal to Save NAFTA

    President Trump touted this deal as being one to pour "cash and jobs" into the USA and North America, though Hill is cautious. The NAFTA deal was signed in 1994, and governed more than $1.2 trillion dollars worth of trade between the three countries.
  • India Seals Deal for Russian Air Defense Systems During Putin Visit

    India Seals Deal for Russian Air Defense Systems During Putin Visit

    It is Russia's most advanced long-range surface-to-air missile, and can down missiles and drones from a range of 380km. Prime Minister Narendra Modi further said that his government brought a number of reforms in the FDI sector.
    Rosmah arrested, to be charged tomorrow

    Rosmah arrested, to be charged tomorrow

    She is expected to spend the night at the MACC headquarters located in the administrative capital Putrajaya outside Kuala Lumpur . In a statement, the MACC said Rosmah's arrest follows the consent for prosecution by the Attorney-General's Chambers (AGC).
    First lady Melania Trump brings

    First lady Melania Trump brings "Be Best" campaign to Malawi school

    Spokesperson for the protestors, Rachael Pope, said the Americans living in Malawi had a "take-home" message for US First Lady. After the talks, Melania is scheduled to watch a performance by Sarakasi dancers at the Kenya National Theater.
  • Amid trade spat, U.S.-China military tensions soar

    Amid trade spat, U.S.-China military tensions soar

    It shows that countries in the region have the wisdom, capability and confidence to handle the South China Sea issue. Relations between the U.S. and China have deteriorated recently over an escalating trade dispute and military issues.
    Trade deal disappoints dairy farmers

    Trade deal disappoints dairy farmers

    OH dairy farmers might be celebrating the deal, but it was met with immediate criticism from their Canadian counterparts. Trudeau said those were being negotiated on a separate track, and that the talks continue.
    Surfer dies from brain eating amoeba after visiting Waco, Texas, resort

    Surfer dies from brain eating amoeba after visiting Waco, Texas, resort

    The federal agency says only four of the 143 people known to have been infected in the USA between 1962 and 2017 have survived. A GoFundMe page has been created by Stabile's family and friends to help bring awareness to the rare but preventable infection.
  • Eastern Iowa dairy farmers react to replacement NAFTA deal

    Eastern Iowa dairy farmers react to replacement NAFTA deal

    That's the same approach it took with CETA, the trade deal granting greater market access to European dairy producers. On October 1, Trump tweeted "The new name will be The United States Mexico Canada Agreement ".
    Putin: Skripal is traitor and scum

    Putin: Skripal is traitor and scum

    I am really glad some spine has finally been shown by India", RR Subramanian, a Delhi-based strategic affairs analyst, told AFP . While New Delhi is cozying up to Moscow for the mega-billion defence deals , the looming U.S. sanctions can't be overlooked.
    British PM May defends Brexit plan after dancing onto stage

    British PM May defends Brexit plan after dancing onto stage

    The PM's dancing was most recently mocked as she joined in with dancing pupils and scouts on a recent trade trip to Africa . She's just as dorky as a dancer as 99% of us.