The excise cut on rising fuel prices comes as a respite. Finance Minister Arun Jaitley said that the Centre will would cut Rs 1.50 in excise duty on fuel while an additional Re 1 will be absorbed by the oil marketing companies (OMCs).
Centre Gives Rs 2.50 Per Litre Relief on Petrol, Diesel; Some States Announce Additional Rs 2.50 Cut
Government has announced a relief of Rs 2.50 on petrol and diesel to consumers at a time when the Brent crude has touched $86 per barrel and there is uncertainity in the international crude oil market.
The excise cut on rising fuel prices comes as a respite. Finance Minister Arun Jaitley said that the Centre will cut Rs 1.50 in excise duty on fuel while an additional Re 1 will be absorbed by the oil marketing companies (OMCs).
In a commentary earlier this week (Why no tax relief on oil imports is Modi’s smart move), we had argued that the government should not, despite bad headlines on oil prices, cut the Centre’s fuel taxes, and ask instead state governments to reduce their ad valorem taxes on petrol and diesel. Just an hour back, Finance Minister Arun Jaitley announced that while the Centre will advice states to cut their ad valorem taxes to the effect of Rs 2.50, it will also be effect a Rs 1.50 cut in Central taxes and ask oil marketing companies (OMCs) to absorb another Rs 1 cut. The cumulative impact, if states follow through, will be Rs 5 cut in retail prices.
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