Understanding the politics of fuel price

FM Arun Jaitley addressing a press conference at North Block in New Delhi

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. The data shows that as of October 5, 2018, the prices of petrol and diesel in Delhi are Rs 81.50, reduction from Rs 84. However, diesel prices were only reduced by Rs 2.65 per litre to Rs 77.45 per litre.

The State Government this evening announced a matching cut of Rs 2.50 in the fuel prices commensurate with the price slash of Rs 2.50, announced by the Central Government earlier today taking the total succor to Rs 5 per litre in J&K.

But. Overall Price Can Be Reduced By Rs 5 Per Litre.


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Petrol, diesel prices fell across the country on Friday with the government announcing a Rs 2.50 cut in the prices of both the fuels.

Jaitley said, "Excise duty will be reduced by Rs 1.50 and Oil Marketing Companies (OMCs) will absorb Rs 1". PM Modi consulted Union Finance Minister Arun Jaitley and Oil Minister Dharmendra Pradhan. After much chaos regarding the fuel rate, the government has made a decision to cut down the price of the fuel.

The new prices became applicable from Thursday midnight. Jaitley also urged state governments to further reduce VAT and other state-level taxes to further drop the price.

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After Thursday's decision, ratings agency ICRA said in a report that oil marketing firms were likely to lose 72 billion rupees ($976 million) on fuel sales this fiscal year.

Accusing the government of taking people for a ride, Maharashtra Congress President Ashok Chavan said that instead of the Rs 5/litre assured by Fadnavis, the actual reduction is Rs 4.37/litre when pumps opened for business on Friday.

Tripura government has also slashed the prices of fuel. Petrol prices in Bengaluru were at Rs 82.32, whereas rates for diesel were at Rs 73.61. "The government has cut down borrowing this year by Rs 70,000 crore". At the same time, the prices of crude oil in the global market was $108 per barrel but the prices of the crude oil dropped to $77 per barrel at the start of November and further reduced to $36 in March, 2016. Absorbing this Rs 10,500 crore in increased collection and maintaining fiscal deficit I am confident we will be able to do that.

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