More steps likely to cut current account deficit: Arun Jaitley

Fuel Prices: Center Finally Responds To Common Man’s Plight

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. The Finance Minister said the excise duty cut would have an impact of Rs 10,500 crore on central government's tax revenues.

Oil prices in India are not linked to global crude prices but to a phenomenon called elections, the Narendra Modi government has virtually confirmed by waving a wand and bringing down the prices of petrol and diesel by at least Rs 2.50 a litre.

In Chennai, the petrol price was Rs 84.70 per litre while that of diesel was Rs 77.11 today.

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While the recent tax cut by the government resulting in the lower fuel price is great news for consumers, global oil prices are still a big determinant on how petrol and diesel are ultimately priced in India.

Several states had announced reduction in fuel prices by cutting sales tax/VAT. But growing public anger over surging fuel prices has caught the attention of the government.

Brent oil on Wednesday crossed $86 per barrel, which is the highest in the last four years, and rising interest rates in the U.S. have a significant impact across global markets, said Jaitley. "After the cut in petrol and diesel prices, let's pray to have elections every month or perhaps every week", one tweet said. "Apart from tax reduction in oil companies, if we also include a cut in other taxes, there would be an overall reduction of Rs 3 on fuel", dealers said.

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Finance Minister Arun Jaitley urged states to match the cut with an equivalent reduction in the value-added tax. "Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat".

Except for Mumbai, diesel prices are up by around 30 paise across the cities. After much chaos regarding the fuel rate, the government has made a decision to cut down the price of the fuel.

"Even Rahul Gandhi, whose party had inflicted a double digit inflation on India during the past five years of UPA-II, gave television bytes and released tweets advocating a price reduction", Jaitley said. Any further revenue loss, however, could widen the fiscal deficit. "We have to strike a fine balance among all aspects", Pradhan said in an interview to the magazine in June this year. "Therefore they would be in a position to absorb this", he said.

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