Petrol prices cut by Rs 5 in Maharashtra

Ivan Schwartz
October 7, 2018

He said, the centre has allowed oil companies to raise 10 billion dollars through bonds. Stating that the SC's observation calls for debate, Jaitley added, "How then do you restrain any sexual activity in army frontier, school hostel".

Since yesterday, prices of auto fuels declined the most in Assam and Madhya Pradesh, followed by Jammu & Kashmir, Chhattisgarh and Arunachal Pradesh. Their prices are likely to come down to below Rs 85 a litre and Rs 80 a litre respectively on Friday.

Prime Minister Narendra Modi on Thursday held a meeting with his ministers over rising prices of petrol and diesel in the country. In Lucknow, every litre of petrol costs Rs 79.12, whereas the same amount of diesel is selling for Rs 71.28. This will give huge relief to common citizens.

Notably, petrol prices increased by at least Rs. 25/litre this year, ten times the reduction announced by Jaitely. "Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat".

However, the diesel prices were left untouched yesterday by the state government, which said an assessment was being made on this front. Hence, petrol and diesel prices in Tripura too has reduced by Rs 5 per liter.

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Jaitley said India had huge avenues of growth over the next 10-20 years to sustain its high growth rate.

Addressing mediapersons here, Congress spokesman Randeep Singh Surjewala called the cut "a panic reaction in the face of public anger" ahead of assembly polls in four states.

Before the reduction, Mumbai had the highest Value-Added Tax of 39.12 per cent on petrol, while Telangana levies the highest Value-Added Tax of 26 per cent on diesel. "#FuelPriceCut", tweeted the CM.

"The government's capacity to provide relief is only when domestic factors are strong", he said.

The RBI said that the state-owned oil companies can raise external commercial borrowings (ECBs) for working capital with minimum average maturity of 3-5 years and they don't have to mandatorily hedge all ECBs. Stating that the government critics rejoiced the political consequences of the increase of the crude prices, Jaitley said when the price was reduced, the critics did a "volte face and argued that this is bad economics".

Other reports by GizPress

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