The Indian government has reduced excise duty on petrol and diesel, offering relief to consumers amid rising fuel prices. The move aims to ease inflation and boost economic sentiment. Experts say it could impact government revenue while benefiting transport costs and daily expenses across the country.

India Fuel Crisis: India Slashes Excise Duty on Petrol and Diesel | Big Relief for Consumers

India Fuel Crisis: India Cuts Excise Duty on Petrol & Diesel | Big Relief for Consumers

<p>Union Finance Minister Arun Jaitley on Thursday briefed the media over looming concerns of relentlessly tumbling rupee and the unabated rise in fuel prices.&nbsp;</p>

<p>The minister stated that after intermagisterial discussions and meeting with the revenue department officials, it has been decided that the excise duty will be cut by Rs 1.50 rupee to give relief to the consumers.&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<p dir="ltr" lang="en">Excise duty to be reduced by Rs.1.50 &amp; OMCs will absorb 1 rupee. So, a total of Rs.2.50 will be reduced on both diesel and petrol: Finance Minister Arun Jaitley <a href="https://t.co/sV4eZwmKEw">pic.twitter.com/sV4eZwmKEw</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1047786317441114112?ref_src=twsrc%5Etfw">October 4, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>According to the Finance Minister, while the excise duty has been cut by Rs 1.50, various oil marketing companies will also absorb Rs 1 giving a cumulative relief of Rs 2.50 on fuel prices to the consumers.</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<p dir="ltr" lang="en">We are writing to the state govts that as the central govt is cutting Rs 2.50 on both petrol &amp; diesel, they do the same: FM Arun Jaitley <a href="https://t.co/7QQ6TFrsnJ">pic.twitter.com/7QQ6TFrsnJ</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1047786767510896640?ref_src=twsrc%5Etfw">October 4, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>"We have decided to cut the excise duty through the revenue department and the oil marketing companies. I would urge state governments to also absorb similar amount to provide relief to the consumer," Jaitley told media.</p>

<p>Jaitley stated the widening Current Account Deficit as the major concern adding that it is "directly linked to global oil prices."&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<p dir="ltr" lang="en">Rs 10,500 Crore will be the impact of excise duty cut this year: FM Arun Jaitley <a href="https://t.co/GChrYo8zlp">pic.twitter.com/GChrYo8zlp</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1047787838308343809?ref_src=twsrc%5Etfw">October 4, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>The Finance Minister opened his address noting that the world crude prices this year have witnessed an all-time high. He added that Prime Minister Narendra Modi has been concerned about the escalating fuel prices in the country.&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<p dir="ltr" lang="en">Several macroeconomic data is indicating stable measures. The first quarterly results have shown an 8.2% growth. Inflation is still moderate less than 4%: Finance Minister Arun Jaitley <a href="https://t.co/Dk5yLDfggX">pic.twitter.com/Dk5yLDfggX</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1047788914432532480?ref_src=twsrc%5Etfw">October 4, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>"Rs 10,500 Crore will be the impact of excise duty cut this year," he noted adding that the overall health of the economy looks healthy and stable.&nbsp;</p>

<p>"Several macroeconomic data is indicating stable measures. The first quarterly results have shown an 8.2% growth. Inflation is still moderate less than 4%," the minister said.&nbsp;</p>

<p>Jaitley also talked about the series of measures that were recently taken by the Central government to check the widening CAD and stem tumbling Indian currency.</p>

<p>"We had taken import restraining steps which had nearly 15 billion dollar impact. Money raised from masala bonds was exempted from tax," Jaitley shared.&nbsp;</p>

<p>The government's fuel-price cut move comes after petrol in Mumbai on Thursday reached Rs 91.34 per litre, while <a href="http://www.wionews.com/india-news/petrol-price-rises-rs-9134litre-mumbai-rs-84litre-delhi-169288">diesel rose to Rs 80.10 per litre</a>. In Delhi, prices of petrol and diesel were hiked by 0.15 paise and 0.20 paise, respectively at Rs 84 per litre and Rs 75.45 per litre, respectively.&nbsp;</p>

<p>Indian stock markets today witnessed&nbsp;a tumult with the BSE benchmark Sensex cracking over 850 points in early session as the <a href="http://www.wionews.com/business-economy/rupee-continues-slide-against-dollar-hits-new-low-7377-169314">rupee hit another low</a> amid weak global cues and fears of widening current account deficit.</p>


Union Finance Minister Arun Jaitley on Thursday briefed the media over looming concerns of relentlessly tumbling rupee and the unabated rise in fuel prices. The minister stated that after intermagisterial discussions and meeting with the revenue department officials, it has been decided that the excise duty will be cut by Rs 1.

Union Finance Minister Arun Jaitley on Thursday briefed the media over looming concerns of relentlessly tumbling rupee and the unabated rise in fuel prices. The minister stated that after intermagisterial discussions and meeting with the revenue department officials, it has been decided that the excise duty will be cut by Rs 1.50 rupee to give relief to the consumers. Excise duty to be reduced by Rs.1.50 & OMCs will absorb 1 rupee. So, a total of Rs.2.50 will be reduced on both diesel and petrol: Finance Minister Arun Jaitley pic.twitter.com/sV4eZwmKEw — ANI (@ANI) October 4, 2018 × According to the Finance Minister, while the excise duty has been cut by Rs 1.50, various oil marketing companies will also absorb Rs 1 giving a cumulative relief of Rs 2.50 on fuel prices to the consumers. We are writing to the state govts that as the central govt is cutting Rs 2.50 on both petrol & diesel, they do the same: FM Arun Jaitley pic.twitter.com/7QQ6TFrsnJ — ANI (@ANI) October 4, 2018 × "We have decided to cut the excise duty through the revenue department and the oil marketing companies. I would urge state governments to also absorb similar amount to provide relief to the consumer," Jaitley told media. Jaitley stated the widening Current Account Deficit as the major concern adding that it is "directly linked to global oil prices." Rs 10,500 Crore will be the impact of excise duty cut this year: FM Arun Jaitley pic.twitter.com/GChrYo8zlp — ANI (@ANI) October 4, 2018 × The Finance Minister opened his address noting that the world crude prices this year have witnessed an all-time high. He added that Prime Minister Narendra Modi has been concerned about the escalating fuel prices in the country. Several macroeconomic data is indicating stable measures. The first quarterly results have shown an 8.2% growth. Inflation is still moderate less than 4%: Finance Minister Arun Jaitley pic.twitter.com/Dk5yLDfggX — ANI (@ANI) October 4, 2018 × "Rs 10,500 Crore will be the impact of excise duty cut this year," he noted adding that the overall health of the economy looks healthy and stable. "Several macroeconomic data is indicating stable measures. The first quarterly results have shown an 8.2% growth. Inflation is still moderate less than 4%," the minister said. Jaitley also talked about the series of measures that were recently taken by the Central government to check the widening CAD and stem tumbling Indian currency. "We had taken import restraining steps which had nearly 15 billion dollar impact. Money raised from masala bonds was exempted from tax," Jaitley shared. The government's fuel-price cut move comes after petrol in Mumbai on Thursday reached Rs 91.34 per litre, while diesel rose to Rs 80.10 per litre. In Delhi, prices of petrol and diesel were hiked by 0.15 paise and 0.20 paise, respectively at Rs 84 per litre and Rs 75.45 per litre, respectively. Indian stock markets today witnessed a tumult with the BSE benchmark Sensex cracking over 850 points in early session as the rupee hit another low amid weak global cues and fears of widening current account deficit.

Centre has decided to cut fuel prices by Rs 2.50 with immediate effect: Jaitley

excise-duty

Excise Duty, News on Excise Duty, stories on Excise Duty, articles on Excise Duty, Excise Duty stories at Wion, Excise Duty news, Excise Duty latest news