What Consumers Pay For Petrol, Diesel After Price Cuts

Shares of oil marketing companies fell after finance minister Arun Jaitley said that the government has asked the companies to absorb Rs 1 cut on fuel prices

Government taxes are estimated to account for almost 40% of retail prices of petrol and diesel.

This year alone, petrol and diesel prices have been hiked by Rs 13.91 and Rs 15.59 respectively in the national capital.

"We are now working out a formula to bring down the diesel prices by at least Rs 4/litre". Diesel prices in the city however saw an effective decline of 70 paise, falling to Rs 76.75 per litre. "The state government this evening announced matching cut of Rs 2.50 per litre in fuel prices commensurate with the price cut of Rs 2.50, announced by the central government earlier today", an official spokesman said. BJP workers led by party's Bhubaneswar unit president Harekrushna Khuntia came in a procession starting from BJP state headquarters to Master Canteen and staged a protest meeting at Lower PMG.

While Rs 1.5 will be reduced in the excise duty, Oil Marketing companies will absorb Rs 1 reduced in price.

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Announcing the decision, Finance Minister Arun Jaitley asked the state governments to match the move with a similar reduction in sales tax or VAT. Centre will issue notification on cut in excise duty by Thursday midnight so that consumers get immediate relief. According to reports, Karnataka Chief Minister HD Kumaraswamy said that the state government will not reduce prices anymore since it has already announced a rate cut.

Maharashtra, Gujarat and the other BJP ruled states were quick to hear him.

Nayara, Reliance and smaller private rival Shell together own around 6,000 fuel retail outlets, compared to the 55,000 outlets operated by state firms. However, the diesel rate in Mumbai was increased by only 7 paise on Saturday. "Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat".

In Kolkata, petrol prices rose to Rs 83.52, whereas diesel prices were at Rs 75.09. Why the state government is not reducing its Value-Added Tax? Any further revenue loss, however, could widen the fiscal deficit.

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