Thursday, 18 October, 2018

Petrol, Diesel prices rise in metros despite cuts; Check todays rate

Ahead of big festive season Capital hails much-needed relief Ahead of big festive season Capital hails much-needed relief
Nellie Chapman | 08 October, 2018, 08:40

With a similar increase, petrol is now priced at Rs 83.52 and Rs 84.89 per litre in Kolkata and Chennai, respectively. Chief Ministers of at least 12 states where Prime Minister Narendra Modi's Bharatiya Janata Party is in or shares power lowered the levy by Rs 2.50 on petrol and diesel-except Maharashtra that cut the tax on diesel by Re 1.

Soon after, the Maharashtra government announced the reduction of petrol prices by Rs 2.50 per litre, making this fuel cheaper by Rs 5 per litre in the state.

Nationalist Congress Party's Leader of Opposition in the Legislative Council Dhananjay Munde criticized the belated decision and reiterated that petrol-diesel must be brought under GST for providing genuine relief to the people.

Earlier in the day, Fadnavis had told reporters that the government will reduce local taxes on diesel by Rs 1.50 so that the consumers get relief of Rs 4 per litre. Petrol and diesel rates in Hyderabad were at Rs 86.59 and Rs 79.67 respectively.

Diesel is retailed at Rs 73.53 per litre in Delhi, Rs 75.38 per litre in Kolkata, Rs 77.06 per litre in Mumbai and Rs 77.73 in Chennai.

Jaitley said that in addition to excise duty being cut by Rs 1.5 per litre, oil marketing companies would also take a hit of Re 1 per litre as well.

Oil-marketing companies increased the prices of petrol and diesel across the four metro cities on Saturday, despite the Centre and states announcing cuts in the rates.

In the press conference, Jaitley said that he expects to see a negative revenue impact of Rs 10,500 crore as a result of the tax cuts and said that he expected that the government would be able to absorb the impact without harming its fiscal deficit target of 3.3%.