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Petrol, diesel prices cut updates: 10 states reduce fuel cost; Mamata says Centre not bothered about masses

Arun Jaitley press briefing LIVE updates: Finance Minister Arun Jaitley will hold a press briefing today where he is likely to address a number of issues including the rising fuel prices especially after a last-minute meeting with oil minister Dharmendra Pradhan last evening

FP Staff October 04, 2018 17:44:29 IST
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Petrol, diesel prices cut updates: 10 states reduce fuel cost; Mamata says Centre not bothered about masses

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LIVE NEWS and UPDATES

Oct 04, 2018 - 18:39 (IST)
Haryana becomes 10th state to cut fuel prices
 
Haryana finance minister Captain Abhimanyu told ANI  the state has also decided to give additional relief of Rs 2.5 litres on petrol and diesel.

Oct 04, 2018 - 18:28 (IST)
'Centre not bothered about well-being of masses'
 
West Bengal chief minister Mamata Banerjee on Thursday demanded that the Centre slash fuel prices by at least Rs 10 per litre and that it withdraw the cess on petroleum products. "This government at the Centre is not bothered about the well-being of the masses... They are only interested about their party," Mamata said while addressing a programme in Siliguri. 

Oct 04, 2018 - 18:06 (IST)
Adityanath hails 'great relief' to common man
 
Yogi Adityanath announced a cut of Rs 2.50 per litre in price of petrol and diesel and hailed the Centre's move as "great relief to common man".
 

Oct 04, 2018 - 17:56 (IST)

'Too little too late': Sanjay Nirupam

Oct 04, 2018 - 17:51 (IST)

Madhya Pradesh becomes 9th state to cut fuel prices

According to CNN-News18, Madhya Pradesh has cut fuel prices by Rs 2.50 per litre.

Oct 04, 2018 - 17:50 (IST)

All BJP states have decided to cut fuel prices: Amit Shah

"Uttar Pradesh is the country's biggest state. This is why for many years, UP government has not put any additional tax on this," Uttar Pradesh chief minister Yogi Adityanath said.

BJP president Amit Shah also said that all BJP states have decided to cut fuel prices.

Oct 04, 2018 - 17:35 (IST)

Price cut does not make any difference: Ashok Chavan

The reduction of Rs 2.50 per litre in petrol and diesel prices announced by the Maharashtra government would not give much relief to people, state Congress chief Ashok Chavan has said.

"Current prices (of petrol) are around Rs 92 per litre. So the price cut does not make any difference. There should be a substantial reduction," Chavan told PTI when asked for his reaction.

Petrol and diesel should be brought under the ambit of the Goods and Services Tax, Chavan said. — PTI

Oct 04, 2018 - 17:28 (IST)

Piyush Goyal thanks Narendra Modi, Arun Jaitley

Oct 04, 2018 - 17:22 (IST)

Arvind Kejriwal calls move a 'betrayal'

Oct 04, 2018 - 17:20 (IST)

Tripura also reduces fuel prices by Rs 2.50 per litre: Reports

Till now, Tripura, Assam, Jharkhand, Chhattisgarh, Maharashtra, Gujarat, Rajasthan and Uttar Pradesh have reduced fuel prices by Rs 2.50 per litre.

Arun Jaitley press briefing LATEST updates: Till now, eight states have reduced fuel prices. But the Congress has said that the move is like a 'band aid on a deep wound'.

Assam, Jharkhand and Chhattisgarh have also reduced fuel prices by Rs 2.50 per litre.

P Chidambaram called the cut in fuel prices 'belated' action taken by the government.

The Maharashtra government announced reduction in prices of petrol and diesel by Rs 2.50 per litre, which will give consumers in the state a relief to the tune of Rs 5 a litre.

The announcement was made by Chief Minister Devendra Fadnavis soon after the central government announced cut in the prices of petrol and diesel by Rs 2.50 per litre.

Finance Minister Arun Jaitley announced a cut of Rs 2.50 in fuel prices in a press briefing held on Wednesday. Announcing the price cut on Thursday, Jaitley said that the cut in Rs 2.50 in fuel prices, include a Rs 1.50 reduction in excise duty while OMCs will have to bear the cut of Re 1.

The press briefing had taken place after a last-minute meeting with oil minister Dharmendra Pradhan last evening.

Petrol diesel prices cut updates 10 states reduce fuel cost Mamata says Centre not bothered about masses

File image of finance minister Arun Jaitley. Reuters.

Jaitley had met Pradhan to look at options to mitigate the impact of rising fuel prices on the economy, sources aware of the discussion said.

The two ministers met last evening amid concerns of high fuel prices adding to farmers' distress, particularly in the upcoming Rabi crops season, sources said.

Diesel, which is being sold at record high prices, is the most used fuel in the farm sector. Tractors tilling the soil to irrigation pump sets - all use diesel, and a spike in its prices is bound to add to the cost cost of farming.

The two ministers are believed to have discussed options to mitigate the impact of rising international oil prices and rupee dipping to new lows.

Among other topics, the increase in gross tax collections of the first half of the financial year, which were released earlier today, is likely to be a key focus of the the finance minister briefing.

According to the ministry, provisional figures of direct tax collections up to September, 2018 (Half-yearly figures) show that gross collections are at Rs 5.47 lakh crore, which is 16.7 percent higher than the gross collections for the corresponding period of last year.

The briefing has also come on the day when the finance ministry reported increase in the credit growth figures for the first quarter of the current financial year 2018-19 as well as a 16.7 percent growth in gross tax collections, which were released earlier today. According to the ministry, the Indian banking industry witnessed a credit growth of 13.5 percent with 12.5 percent increase in growth in lending to the agriculture sector and a 10.5 percent increase in growth in lending to MSMEs.

With the newly constituted IL&FS board meeting being held today for the first time to thrash out a turnaround plan, the minister is likely to Face questions on that as well.

The government had seized control of the debt-trapped company Monday in a Satyam Computer style takeover and superseded its board and appointed a new one led by banker Uday Kotak. An official at the finance ministry had told PTI that the the priority for the board will be to assess the company's financial situation and report the same to the government over the next 15 days.

The government has also ordered an investigation by the Serious Fraud Investigation Office into the affairs of group and its over 160 subsidiaries, the source added.

The official further said the board will look into long-term debts of the company and find out options to restructure the same.

"There is a need to take a look at the short-term and long-term debt of IL&FS and the viability of servicing them. The board will take a holistic view and offer a viable resolution plan," the official said.

One of the focus areas for the board will be to find ways to raise cash by selling assets, said another source.

Even lenders to the debt-laden company are awaiting the outcome of the board meeting to take a decision on providing further funds to the company.

The city-headquartered engineering and long-term infra lending conglomerate owes over Rs 91,000 crore to lenders but has been on a defaulting spree since 27 August.

With inputs from PTI

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