BJP asks Odisha to cut Value-Added Tax on fuel

Arun Jaitley,Fuel price hike,Finance minister

As of Thursday, petrol prices in Delhi had climbed to ₹84 per litre and ₹91.34 in Mumbai; diesel was being sold at ₹75.45 and ₹80 in Mumbai. However, diesel prices were only reduced by Rs 2.65 per litre to Rs 77.45 per litre. The price of crude oil, which makes up nearly 90% of oil imports, is a major factor behind the final price of petrol and diesel in the country. Petrol Price Hits Rs 84 in Delhi, Diesel Costs Rs 80 in Mumbai as Fuel Rates Continue to Soar.

Out of this, the oil marketing companies will absorb one rupee per litre and Excise duty on petrol, diesel to be cut by one rupee 50 paise.

The government on Thursday announced a Rs 2.50 per litre cut in petrol and diesel prices - comprising an excise duty reduction of Rs 1.50 per litre and a Re 1 reduction at the oil companies' end. "What will they do now and last time also only BJP and NDA-led state governments reduced Value-Added Tax".

On May 26, 2014, the price of crude oil (Indian Basket) was $108.05 per barrel in the worldwide market. We welcome this decision and thank Prime Minister Narendra Modi on behalf of the people and BJP workers.

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

Melania Trump promotes U.S. agency, Trump wants to cut funding
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Kerala Finance Minister Thomas Isaac however, said his government would not cut fuel prices, News18 reported.

In a boost to oil companies, the Reserve Bank of India (RBI) on Wednesday eased the overseas borrowing norms by up to $10 billion.

Even though the central government and some BJP-ruled state governments reduced the prices by Rs 5 collectively, the results are not positive for the four metro cities, out of which, three are ruled by non-BJP governments. But growing public anger over surging fuel prices has caught the attention of the government.

However, very soon, the prices can be reduced by Rs 5 as well! However, the diesel rate in Mumbai was increased by only 7 paise on Saturday.

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

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