India’s annual wholesale price inflationeased in January for the second straight month after touching an eight-month high in November, helped by a softer rise in food and fuel prices, government data showed on Thursday.
Providing relief to common man over higher fuel prices, government today reduced excise duties by Rs 2 for petrol and diesel.
Fuel prices in India have already breached record-high levels last seen in the year 2014 when the international price of crude oil was tapering down from its over $100 per barrel level peak.
Three months after the MP government slashed VAT on fuel, prices of petrol and diesel are all set to rise again sometime this week as the government has levied 1% cess to generate funds for ‘building infrastructure’.
Maharashtra, Gujarat and Himachal Pradesh today announced cuts in Value Added Tax (VAT) on petrol and diesel, effective from midnight, to bring down fuel prices in the three states.
The Bharatiya Janata Party (BJP)-ruled Gujarat has decided to slash the Value-Added Tax (VAT) on fuel prices in the state.
Attributing the recent rise in fuel prices to a hurricane in the US, Union Minister Dharmendra Pradhan on Saturday said the rates will come down in the next few days.
The Narendra Modi government made a politically brave and economically sound decision to raise petroleum prices in the country.
Petroleum Minister Dharmendra Pradhan is under intense political pressure, writes A K Bhattacharya, adding that Pradhan “is being asked to reduce retail prices of petrol and diesel.
Amid criticism by opposition parties of a sharp rise in oil prices, Petroleum and Natural Gas Minister Dharmendra Pradhan said that fuel prices may come down by Diwali, which is next month.