Under-pressure Indian govt cuts fuel prices

India's government cut fuel duties yesterday in an attempt to quell public anger and opposition pressure ahead of elections due in 2019, reports AFP from New Delhi.

Following sharp rises in recent months due to a higher oil price and a record low rupee, the retail price for both petrol and diesel were cut by 2.50 rupees ($0.034) per litre.

Finance Minister Arun Jaitley said the excise duty had been cut by 1.50 rupees per litre while oil marketing companies had taken a revenue hit of one rupee per litre.

Jaitley also urged state governments to cut the value added tax by a further 2.50 rupees per litre so that consumers could get a total benefit of five rupees per litre.

"I hope all state governments do this, and they announce this so that consumers benefit by five rupees," he told reporters.

 

Under-pressure Indian govt cuts fuel prices

Indias government cut fuel duties yesterday in an attempt to quell public anger and opposition pressure ahead of elections due in 2019, reports AFP from New Delhi. Following sharp rises in recent months due to a higher oil price and a record low rupee, the retail price for both petrol and diesel were cut by 2.50 rupees ($0.034) per litre. Finance Minister Arun Jaitley said the excise duty had been cut by 1.50 rupees per litre while oil marketing companies had taken a revenue hit of one rupee per litre. Jaitley also urged state governments to cut the value added tax by a further 2.50 rupees per litre so that consumers could get a total benefit of five rupees per litre. I hope all state governments do this, and they announce this so that consumers benefit by five rupees, he told reporters.