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).
The fuel prices have been on the boil for last couple of months. Sample this: Petrol price in Delhi on August 1, 2018 was Rs 76.31 a litre and today it is Rs 84, a hike of Rs 7.69. Diesel on August 1 was at Rs 67.82 a litre and today at Rs 75.45, a hike of Rs 7.63.
Indian Oil Corporation, the largest oil retailer, charges Rs 42.79 a litre to dealers from October 1, excluding VAT and excise to dealers, but what you end up paying is over Rs 80 a litre. However considering the latest development, this price would now be Rs 41.79. Read more