Petrol, Diesel Is Now Cheaper By Rs 5/Litre! Find Out How?

Centre Cuts Petrol Diesel Prices By Rs 2.50 Congress Calls It'Panic Reaction

The price for petrol was hiked by 18 paise per litre whereas the price of Diesel saw a rise of 29 paise per litre.

This year alone, petrol and diesel prices have been hiked by Rs 13.91 and Rs 15.59 respectively in the national capital. In the same period in 2016, the prices of the petrol and Diesel stood at around Rs 62 and Rs 50 and Rs. 66 and Rs 56 in Mumbai.

Since April this year, prices of petrol and diesel has witnessed a steep upswing, baffling consumers all over the country. Owing to a cut in taxes by the Maharashtra government, the price of diesel in Mumbai is down by 70 paise and the fuel is being sold at Rs 76.75 per litre. In Chennai, petrol and diesel prices climbed to Rs 84.89 and Rs 77.42 respectively.

Mr Jaitley said that since states taxes on petrol and diesel was on ad valorem basis, they will only have to forego additional revenue which came after oil prices had started rising.

More news: US and China May Resume Trade Talks in December

The move was made after consultation with local oil companies, which agreed to reduce prices by US$0.034 (2.5 rupees) per liter of gasoline and diesel, of which they will absorb US$0.014 (1 rupee) per liter of fuel, and the government will shoulder the rest by cutting excise duties on fuels. Other BJP-ruled states are expected to follow suit.

Meanwhile, the Maharashtra government slashed the diesel prices by Rs 1.56 per litre, taking the effective relief on the transportation fuel to Rs 4.06. Finance Minister Arun Jaitley on Saturday assured the markets that the government would not go back to regulating fuel prices.

Addressing mediapersons in New Delhi, Congress spokesman Randeep Singh Surjewala called the cut "a panic reaction in the face of public anger" ahead of assembly polls in four states. However, in Mumbai, the diesel have gone up by 7 paise only. According to an official release, Value-Added Tax on petrol in state has been reduced from 26 per cent to 22.20 per cent, whereas it will be 15 per cent on diesel as against the earlier rate of 19 per cent. "It is not sufficient as the fuel price has already touched Rs 80", he added.

Jaitley said the total impact of Rs 1.50 cut in excise duty is about Rs 21,000 crore for full year and Rs 10,500 crore the reminder of current fiscal.

Related News:

  • White House is 'confident' nominee Brett Kavanaugh will be confirmed

    White House is 'confident' nominee Brett Kavanaugh will be confirmed

    Several polls show that Republican enthusiasm about voting, which had lagged behind, jumped after the Kavanaugh hearing last week. Kavanaugh's opponents raised concerns that he'd push the court further right, including possible sympathetic rulings for Trump.
    Texas Surf Resort Temporarily Closes After Man Dies From Brain-Eating Amoeba

    Texas Surf Resort Temporarily Closes After Man Dies From Brain-Eating Amoeba

    A GoFundMe page has been created by Stabile's family and friends to help bring awareness to the rare but preventable infection. A New Jersey man has died after contracting what is commonly referred to as a "brain-eating amoeba" at a Texas water park.
    Dodgers, Rockies To Face Off In Tie-Breaker For NL West Title

    Dodgers, Rockies To Face Off In Tie-Breaker For NL West Title

    Bellinger got the Dodgers' offense going with a two-run home run in the fourth inning, his 25th of the season. The Dodgers played their first tiebreaker since 1980, when they lost to Houston for the division title.
  • Amy Schumer And Emily Ratajkowski Have Been Arrested Protesting Brett Kavanaugh

    Amy Schumer And Emily Ratajkowski Have Been Arrested Protesting Brett Kavanaugh

    Kavanaugh has ben accused of sexually assaulting Californian College professor, Christine Ford, but he denies the allegations. Trump did so - and on Thursday, the Senate began reviewing the FBI's results after receiving the report early that morning.
    South China Sea Cold War revealed

    South China Sea Cold War revealed

    China opposes the entry of US warships into the waters around the reefs, the Chinese defense ministry said in a statement Tuesday. They were published on the gcaptain blog site , which describes itself as an "interactive community of maritime professionals".
    Carlo Ancelotti 'surprised' with referee selection for Reds game

    Carlo Ancelotti 'surprised' with referee selection for Reds game

    I was lucky at PSV that I could play with him because I see his development as a player. "That's the goal for us". The first difference is up front with Arkadiusz Milik, not Dries Mertens, partnering Lorenzo Insigne in attack .
  • Prithvi Shaw becomes Indias youngest debut century-maker

    Prithvi Shaw becomes Indias youngest debut century-maker

    In the process, Shaw also became the second youngest Indian to score a maiden Test ton after the legendary Sachin Tendulkar . Rahane, too, lacked the ease with which Shaw batted earlier in the day, and fell on 41 to Roston Chase in the last hour.
    Theresa May calls for unity on Brexit, dances onto the stage

    Theresa May calls for unity on Brexit, dances onto the stage

    She painted an optimistic picture of post-Brexit Britain, saying "our future is full of promise". Labour leader Jeremy Corbyn, she said, would "outsource our conscience to the Kremlin".
    Tom Hardy brings out Marvel's darker side in new movie 'Venom'

    Tom Hardy brings out Marvel's darker side in new movie 'Venom'

    Part of me wonders if that's going to be how general audiences react, or if they'll buy into what Tom Hardy and Venom are selling. Cape Town - Tom Hardy says the film industry is "superhero-movie heavy" after starring in upcoming Marvel release Venom .
  • PM Modi invites Russian Federation  to set up defence industrial park in India

    PM Modi invites Russian Federation to set up defence industrial park in India

    At present, Russian Federation is also embroiled in negotiations with Qatar to sell the S-400 systems. China signed a deal with Russian Federation in 2015 to buy six battalions of this missile system .

    Brewers' National League Division Series game times announced

    After Freeland frustrated so many Cubs hitters, the next cycle Maddon buys from his brother should be on the house. On this crisp night in Chicago , it was impossible to tell that one of them hadn't been in this spot before.
    'Some care more than others' - Jose on poor United form

    'Some care more than others' - Jose on poor United form

    They are a team that struggle to defend as a unit but are very strong in duels . Mourinho watching on during their 3-1 defeat to the Hammers in London.


Most liked

Mourinho says 'manhunt' against him affecting Manchester United players
But after Mourinho made his final change in the 67th minute, sending Sanchez on for Marcus Rashford , United stormed forward. It's my life, it's a life I love, it's a life I worked since I was a kid.

SEC alleges Tesla CEO Musk's Tweets violated federal securities law
Following the SEC settlement, Musk agreed to pay a $20m fine and step aside as Tesla's chairman for three years. The tweet on Thursday was "plainly a statement that the SEC's case against Musk lacked merit", Crimmins said.

Here’s why confirming Kavanaugh could seriously undermine the Supreme Court’s public standing
The confirmation of Supreme Court nominee Judge Brett Kavanaugh may be coming to a close, but the controversy surrounding Dr. Incumbent Democrats Claire McCaskill in Missouri and Jon Tester in Montana have both said they will vote against Kavanaugh.

India vs West Indies | Prithvi Shaw scores century in Test debut
Shaw and Pujara, who came one down, however, maintained their calm and punished the bad deliveries to complete half-centuries. With the achievement, Shaw became the fourth youngest player to score a hundred on debut and the youngest ever Indian.

Brewers top Cubs, win NL Central
Detroit starter Spencer Turnbull (0-2) gave up four runs on five hits in 5 1/3 innings and struck out a season-high seven. The first two games will be televised on FS1 and the third game on MLB Network.

SaskMilk raises concerns over new trade deal
With so many dairy companies and fruit growers in the area we looked into what kind of impact this new deal could cause for them. Previously, Canadians buying online from the USA could only purchase up to $20-Cdn. worth before having to pay import duty.

Nobel Prize in Medicine Awarded for New Weapon Against Cancer
His research also inspired the name of the Checkpoints, a musical group of cancer researchers for which Allison plays harmonica. Allison heard the news of his Nobel prize win while at an immunology conference in New York City, reports Ledford and Else.

Yankees set HR record, beat Red Sox 8-5 for 100th win
Thanks to their 107-plus wins, the Red Sox have easily locked up home field advantage throughout the entire month of October. But by his own home run ball? "I just told him what I saw a year ago ", Cora said, as transcribed by the Boston Herald .

New Haven Bar Fight Latest Incident Implicating Kavanaugh
That man approached the group for staring at him, where at this point Kavanaugh allegedly threw ice at him. There has been no indication that there were ever arrests or charges stemming from the incident.

Keita taken to hospital in Naples following defeat
Keita will undergo further treatment back in Liverpool and will be desperate to get back to action as soon as he is fit to do so. We have to wait", he added. "Things like this happen, but not as often as they did tonight and it costs energy", Klopp said.

UEFA Champions League Report: Tottenham Hotspur v FC Barcelona 03 October 2018
Tottenham Hotspur have a big game coming up in the Champions League when they host La Liga giants FC Barcelona . Messi aimed for the same post he had hit twice earlier, and this time found the side netting.

GOP senators expect Kavanaugh FBI probe results soon
Christine Blasey Ford testifies to the Senate Judiciary Committee on Capitol Hill in Washington , on September 27, 2018. Among all voters, however, 48 percent said that the Senate should reject him, while 42 percent want him confirmed.

Magical David Silva makes equaliser and scores victor to save Manchester City
However, Silva popped up with the victor to delight City's travelling fans. Hoffenheim were not fazed and continued to run at the City defence.

Lloris back to face Barcelona but quartet ruled out for Tottenham
Tottenham manager Mauricio Pochettino has urged his players to walk out with a smile on their faces against Barcelona . They should fancy their chances, too. " Barcelona might play better than Real Madrid did last season.

Manchester United's Nemanja Matic: We will see who leaders are against Valencia
And, though Mourinho says losing is not a problem, he says he will not accept players that aren't giving their all. The Champions League match between Manchester United and Valencia will be broadcast live on TNT.