Petrol, diesel to be cheaper by Rs 3 in Hyderabad

Fuel Prices Center Finally Responds To Common Man's Plight

In New Delhi, petrol prices rose by 15 paise to Rs 84 a litre while diesel prices increased by 20 paise to Rs 75.45 per litre. The effective reduction would be Rs 4.06 per litre.

The fuel price cut decision is only the latest in India's government efforts to cushion the blow from rising oil prices. The minister said the Centre would reduce the excise duty by Rs 1.5 per litre while oil marketing companies would absorb the rest Re 1 per litre.

However, very soon, the prices can be reduced by Rs 5 as well! "First we will see the order then make a decision on petrol and diesel".

A day after slashing Value-Added Tax on petrol in Maharashtra, Chief Minister Devendra Fadnavis said here on Friday that even diesel prices will be reduced by around Rs 4/litre. State-run refiners will also cut the price they charge by 1 rupee per litre.

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Since mid-August, the petrol price has risen by Rs 6.86 a litre and diesel by Rs 6.73 - the most in any six-week duration after the daily price revision was introduced in mid-June previous year. Jaitley also urged state governments to further reduce VAT and other state-level taxes to further drop the price.

Gujarat CM Vijay Rupani said: "Finance Minister Sh @arunjaitley Ji has announced Rs.2.5 cuts in petrol & diesel prices, reciprocating positively to FM's announcement, the Govt Of Gujarat has also chose to reduce Rs.2.50 on both petrol & diesel".

India stopped controlling petrol prices in 2010 and diesel prices in 2014, linking them to global crude markets in a bid to ease pressure on government finances and improve the earnings of oil refiners. He said, the centre has allowed oil companies to raise 10 billion dollars through bonds. But with a weakening rupee, it will likely have fewer options in the form of import-related tax cuts.

According to the Finance Minister, the move will have an impact of Rs 10,500 crore this fiscal but the government is confident of achieving the fiscal deficit target.

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