Following this, the Gujarat and Maharashtra Governments announced additional relief of Rs2.5/litre Petrol/Diesel. The Finance Minister said the excise duty cut would have an impact of Rs 10,500 crore on central government's tax revenues.
Oil prices in India are not linked to global crude prices but to a phenomenon called elections, the Narendra Modi government has virtually confirmed by waving a wand and bringing down the prices of petrol and diesel by at least Rs 2.50 a litre. He added that the last time that the Centre asked states to provide relief to the common man "only BJP or NDA allies-led states" did that. That's aimed at checking a rise in retail prices which hit new highs every day as the Brent crude surged 28 percent his year. On Friday, petrol price in Delhi stood at Rs 81.50 per litre, while Diesel was priced at Rs 72.50 per litre.
Former Finance Minister P. Chidambaram said the government seems to be clueless.
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The CPI said the price cut was a joke played on the people of India in the festival month. When the Congress demitted power, central excise duty on petrol was Rs 9.23 per litre.
Central Government has finally chose to stop the arrest of increasing Fuel Prices. HPCL shares fell 14.7% to Rs 214.40, BPCL was down 17.08% at Rs 313 and Indian Oil dived 14.23% to Rs 134.95. After you announced Rs 5 per litre, implement it instead of giving just Rs. 4.37 per litre.
Bihar Deputy Chief Minister Sushil Kumar Modi said his government has not received any letter from Jaitley on the matter, ANI reported. Delhi charges a Value-Added Tax of 27 per cent on petrol and 17.24 per cent on diesel.
Mr Jaitley also said, the government has cut down borrowing by 70 thousand crore rupees and has allowed the oil companies to raise 10 billion dollars through bonds. Any further revenue loss, however, could widen the fiscal deficit.