The Centre on Thursday slashed excise duty on fuel to the tune of Rs 1.50 per litre, thus reducing the overall price of petrol and diesel each by Rs 2.50 per litre.
However, fuel will cost Rs 5 per litre lesser with immediate in six states - Uttar Pradesh, Gujarat, Maharashtra, Chhattisgarh, Tripura and Assam - where state governments have further cut Value-Added Tax by Rs 2.50 per litre.
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.
In several off the record conversations, government officials had also claimed that Rs 2 per litre reduction would impact revenues by Rs 28,000 to Rs 30,000 crore. Top sources said that the state government is also considering a reduction in the prices of diesel. Worldwide crude oil prices are linked to geopolity, fluctuation in the exchange rate as well as the tax structure of respective states and the Centre.
Petrol, Diesel cheaper by Rs 5 from midnight
A one rupee per litre cut in excise duty results in over Rs 14,000 crore of revenue loss to the centre on an annualised basis. The Centre and oil companies will also take a hit of Rs 1.50 per litre and Re 1 per litre respectively in their revenue.
The Finance Minister Arun Jaitley has announced a price cut on petrol and diesel by Rs 2.50 per litre with effect from midnight.
The reduction followed petrol and diesel prices touching new highs. PM Modi consulted Union Finance Minister Arun Jaitley and Oil Minister Dharmendra Pradhan. Hence, petrol and diesel prices in Tripura too has reduced by Rs 5 per liter.
Over two-thirds of 61 economists said in a Reuters poll the RBI would lift the repo rate at least once by the end of 2018, with over half stating that there would be a 25 basis points rise in October. Oil marketing companies, simultaneously, will take a Re 1 per litre hit as well. Oil prices were on freeze for 19 days during the Karnataka Assembly polls in May this year despite a spike in worldwide crude prices.
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.
Indian stocks fell for a third straight session on Friday, dragged by shares of energy companies such as Reliance Industries Ltd and oil marketers, a day after the government announced a cut in fuel prices.
"I hope all state governments do this, and they announce this so that consumers benefit by 5 rupees", Jaitley told reporters.
The minister also said he was confident of meeting the fiscal deficit target of 3.3% for the current fiscal year as direct tax collections had been strong.
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