Centre announces ₹2.5 cut in fuel prices, urges States to match it

Arun Jaitley announces Rs 2.5 per litre cut in fuel prices

Jaitley lowers petrol, diesel prices by Rs 2.5 per litre

He also took a swipe at the previous Congress-led government at the Centre, saying it had "pawned" national resources by issuing oil bonds while the Narendra Modi government showed its sensitivity by reducing the prices.

"Ever since the Modi government assumed office, it has raised excise duty on diesel by Rs 14 and petrol by Rs 9 per litre".

BJP president Amit Shah congratulated all the BJP-ruled states for slashing the fuel prices.

Arun Jaitley had said that the central government will be writing to all state governments to reduce petrol and diesel prices by a further Rs 2.50 by cutting sales tax or value added tax (VAT).

Following the Centre's appeal, several State governments including Tripura, Maharastra, Chhattisgarh, Jharkhand and Gujarat announced to provide give additional relief of Rs 2.50 per litre on petrol and diesel to give benefit of Rs 5 per litre to people in their respective States.

"Maharashtra government also chose to give additional relief of Rs 2.50 per litre on petrol to give a total benefit of Rs 5 per litre in the state of Maharashtra", Fadnavis tweeted.

Prime Minister Narendra Modi's ruling Bharatiya Janata Party is facing a tough election in three key states this year, followed by a national election which is due by May. "First we will see the order then make a decision on petrol and diesel". You should understand that the reduction effected on Thursday is on this amount.

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Surjewala said the government must also answer to the people for hiking central excise duty on 12 occasions, raising the central excise on petrol by 211 pc and on diesel by 443 pc.

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 a year ago.

In India, nearly half of the price of retail fuel is due to taxes. "There should be a substantial reduction".

He said the reduction in fuel price wasn't bad economics. "Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat" tweeted Chief Minister Vijay Rupani. This decision should have been made long back. This is an act of fraud.

"We will also write to states, asking them to reduce VAT taxes by another Rs 2.5 per litre".

However, South Indian states such as Kerala, Karnataka and Andhra Pradesh say they can't cut their fuel taxes anytime soon.

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