Maharashtra, Gujarat cut fuel prices by Rs 2.50; Kerala, Karnataka refuse

Centre cuts excise duty on fuel by Rs 1.50 per litre Oil companies to absorb Re 1 per litre

"UP Govt has also chose to give additional relief of Rs. 2.50 per litre on the prices of petrol & diesel", said CM Yogi Adityanath.

Prime Minister Narendra Modi's ruling Bharatiya Janata Party is facing a tough election in three key states this year, followed by a national election which is due by May. He also said he would write to all the states to cut their respective taxes. Soon, several other NDA-ruled states - Chhatisgarh, Tripura, Jharkhand, Madhya Pradesh, Uttar Pradesh, Haryana, Assam, Uttarakhand, Goa, and Himachal Pradesh - followed suit.

For state-owned fuel retailers absorbing Re 1 per litre price would mean about Rs 10,700 crore dent in their revenue on an annualised basis. In Delhi, where the fuel prices are the lowest among all metros and most of the state capitals, petrol is now sold at Rs 84 per litre and diesel at Rs 75.45.

Meanwhile, Maharashtra, Gujarat Government also chose to give additional relief of ₹2.5/litre on Petrol to give total benefit of ₹5/litre in the State. P Chidambaram, Congress leader and former finance minister, said, "An oil revenue dependent-government has belatedly realised the unbearable burden on the people and indulged in tokenism".

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"Last time it were only the NDA ruled states, which made the Value-Added Tax reductions after the Rs 2 excise cut by the Centre previous year", he said.

The new fuel prices would be effective in the state from this midnight, an official spokesman said. The prices of petrol are maximum across the state, soaring above Rs 91 in many districts of the state.

In Delhi, where the fuel prices are the lowest among all metros and most state capital, petrol is sold at Rs 84 per litre and diesel at Rs 75.45.

He said on May 16, 2014, the price of crude oil was United States dollars 107.09 per barrel and the present price of worldwide crude is USD 86 per barrel, with the average crude price during 52 months of Modi government being USD 58 per barrel, almost 45 pc less than the UPA tenure. Kerala was one of the first states to cut excise duty. Jaitley said the total impact of Rs 1.50 cut in excise duty is about Rs 21,000 crore for full year and Rs 10,500 crore the reminder of current fiscal. As a measure to curb the growing menace, the government has finally stepped in by trimming down the excise duty on fuel prices to bring in relief to the end users. If the Centre is serious, it should reduce the tax to what it was when it assumed office.

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