Fuel Prices: Center Finally Responds To Common Man’s Plight

06 October, 2018, 12:28 | Author: Brooke Harris
  • The big news Centre reduces fuel prices by Rs 2.50 per litre and nine other top stories

Talking about the economy, the Finance Minister said that nothing could be worse than 2013.

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.

However, South Indian states such as Kerala, Karnataka and Andhra Pradesh say they can't cut their fuel taxes anytime soon.

In New Delhi, petrol prices rose by 15 paise to Rs 84 a litre while diesel prices increased by 20 paise to Rs 75.45 per litre. Oil prices were on freeze for 19 days during the Karnataka Assembly polls in May this year despite a spike in worldwide crude prices.

Last month, Rajasthan, Karnataka and Andhra Pradesh had reduced Value-Added Tax to cushion consumers for a spate of price increases. For a visible difference (in prices), all three factors need to be complementary.

We will keep this post updated, as more details come in. All states have their own spending patterns and developmental commitments.

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"In general, what's driving emerging market weakness is a stronger United States economy ... there is a lack of clarity on the effectiveness of rate hikes as a currency defence", said Sunil Sharma, chief investment officer with Sanctum Wealth Management.

The turnaround was apparently prompted by the robust tax collections in the first half ended September 30. He said that while the Centre has cut excise duty on petrol and diesel by Rs 1.50 per litre, the Oil Marketing Companies (OMCs) will further reduce prices by Re 1 per litre.

Indian Oil Corp: Loss of 11.4%. BJP-ruled Gujarat, Tripura and Chhattisgarh governments have also announced a similar reduction in oil prices. Considering the crisis brewing in India's shadow banking industry, public sectors banks in the news for bad loans and plotting with scamsters and the rupee in a free fall mode -the only consolation was fiscal prudence of a government that had resisted pressure until now to succumb to populist demands and rightly so.

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan, who is in Bhubaneswar at present, requested Odisha Chief Minister Naveen Patnaik to cut taxes on fuel, ANI reported. Growing economic activity in the North Eastern region as well as more women securing employment would also help in this growth of the middle class, he said.

A couple of days after the central government cut excise duty on petrol and diesel and several state governments followed suit, finance minister Arun Jaitley on Saturday took to writing a blog on the issue.

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