BJP chief Amit Shah today said the Modi government’s decision to reduce petrol and diesel prices by Rs 2 shows its priority to giving relief to the common man and farmers at a time when oil price is rising globally.
The government had yesterday cut excise duty on petrol and diesel by Rs 2 per litre each to moderate the relentless rise in fuel prices witnessed for the last three months.
Lauding Prime Minister Narendra Modi for the decision, Shah said in a tweet, “The decision to reduce the impact of rising international oil price highlights the priority the Modi government gives to providing relief to the common man and read more
Facing public resentment over the recent spike in fuel prices, the government on Tuesday cut the excise duty
on both branded and unbranded petrol and diesel
by Rs 2 a litre from Wednesday.
According to sources, the finance ministry was initially reluctant to reduce the duty due to revenue concerns, but relented after discussions with the petroleum ministry on implementing steps to bring down petrol prices to Rs 60-65 a litre.
While this would hit the revenues of the exchequer by Rs 13,000 crore in the second half of the current financial year at a time when the fiscal deficit has already touched 96 per cent of the Budget Estimates, consumers will get relief as the move would reduce the read more
prices in Delhi on Tuesday scaled a new all-time high of Rs 59.14 per litre, while other cities too saw a considerable increase.
However, industry experts and the government believe that prices will ease in the next few weeks as international prices are showing a declining trend.
In Delhi, the price of petrol, too, was at a two-year high on Tuesday at Rs 70.88 per litre.
Since the implementation of daily pricing from June 16 this year, Indian basket crude oil has gone up by around 19 per — from $46 a barrel to $55.36 a barrel. However, domestic retail selling prices of petrol
and diesel in Delhi have gone up by only eight per cent during this read more