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

‘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.

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”.

‘Too little too late’: Sanjay Nirupam

Reduction in #fuel prices is too little too late. When the #petrol price is about to cross ₹92 per litre,Govt has reduced ₹5 per litre.This decision should have been taken long back. What is the guarantee that it will not cross ₹90 again.?#FuelpriceJumla

— Sanjay Nirupam (@sanjaynirupam) October 4, 2018

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.

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.

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

Piyush Goyal thanks Narendra Modi, Arun Jaitley

Thanks to PM @NarendraModi & FM @ArunJaitley, consumers have been provided relief by the slashing of Petrol and Diesel prices by Rs 2.50/litre. I congratulate CM @Dev_Fadnavis & CM @VijayRupaniBJP for further reducing prices by Rs 2.50/litre, giving a total relief of Rs 5/litre.

— Piyush Goyal (@PiyushGoyal) October 4, 2018

Arvind Kejriwal calls move a ‘betrayal’

मोदी सरकार ने एक्साइज़ ड्यूटी 10 रुपए प्रति लीटर बढ़ाई और मात्र 2.50 रुपए आज कम कर दी? ये तो धोखा हुआ। केंद्र सरकार को कम से कम 10 रुपए प्रति लीटर की कमी करनी चाहिए। https://t.co/WqBzarLLaD

— Arvind Kejriwal (@ArvindKejriwal) October 4, 2018

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.

Fuel cut is like band aid on deep wound: Congress

“It’s a panic reaction against people’s anger by the Modi government,” Congress leader Randeep Singh Surjewala said.

“This fuel cut is like band aid on deep wound,” Surjewala further said.

Assam reduces fuel prices by Rs 2.50 per litre

Following Fin Minister Sri @arunjaitley announcement of cut of ₹2.50 per litre in petrol & diesel prices, glad to share that Assam Govt has also decided to reduce ₹2.50 on both petrol & diesel per litre, making it ₹5 less than prevailing rates@narendramodi @sarbanandsonwal

— Himanta Biswa Sarma (@himantabiswa) October 4, 2018

Jharkhand govt has decided to give additional relief of Rs 2.5 per litre: Raghubar Das

“Jharkhand Government has decided to give an additional relief of ₹2.5/litre on diesel in the state,” ANI quoted Raghubar Das as saying.

Answer people for hiking central excise duty since May 2014: Congress

“Answer the people for hiking the central excise duty on 12 different occasions since May 2014,” said Congress spokesperson Randeep Surjewala.

“Answer the people of this country about the Rs 13 lakh crore fuel loot earned from the central excise tax,” Surjewala said.

First, we will see the order and then take a decision: Sushil Kumar Modi

We didn't receive any letter from Jaitley ji. First we will see the order then make a decision on petrol and diesel. Each and every state has their own situation so first let the letter come: Bihar Deputy CM Sushil Modi (file pic) pic.twitter.com/5kbw9bWnBp

— ANI (@ANI) October 4, 2018

Govt belatedly realised unbearable burden on the people: P Chidambaram

An oil revenue dependent government has belatedly realised the unbearable burden on the people and indulged in tokenism.

— P. Chidambaram (@PChidambaram_IN) October 4, 2018

Karnataka unlikely to cut fuel prices  

#BREAKING | Karnataka CM @hd_kumaraswamy says that the state has already cut VAT by Rs 2/L last month, unlikely to cut again #ExciseDutyCut #Petrol #Diesel @arunjaitley pic.twitter.com/q9unNqnbOQ

— ET NOW (@ETNOWlive) October 4, 2018

Petrol, diesel prices in metros after Rs 2.5 excise cut 

Uttar Pradesh to reduce fuel price by Rs 2.5 per litre

Uttar Pradesh will also reduced the fuel price by Rs 2.5 per litre giving a relief to consumers. 

BREAKING – Announcement on fuel price cut expected by Uttar Pradesh government once CM @myogiadityanath reaches Lucknow from Gorakhpur. | #FuelPriceRelief pic.twitter.com/nUv8Up2zq3

— News18 (@CNNnews18) October 4, 2018

Delhi unlikely to cut fuel prices

In the National Capital Region (NCR), petrol is being sold at Rs 84 per litre, diesel is being sold at Rs 75.45 per litre. Petrol rates increased by Rs 0.15 per litre and diesel rates increased by Rs 0.20 per litre on Thursday.

#BREAKING – Delhi unlikely to cut fuel prices: Sources | @latha_venkatesh with more details. | #FuelPriceRelief pic.twitter.com/uv3XpTgJ1N

— News18 (@CNNnews18) October 4, 2018

Announcement on fuel price cut expected by Yogi Adityanath

BREAKING – Announcement on fuel price cut expected by Uttar Pradesh government once CM @myogiadityanath reaches Lucknow from Gorakhpur. | #FuelPriceRelief pic.twitter.com/nUv8Up2zq3

— News18 (@CNNnews18) October 4, 2018

Indian Oil, HPCL and BPCL shares tank over 11 percent

#MarketAtClose | @IndianOilcl @HPCL & @BPCLimited tank over 11% each#FuelHike #ExciseDutyCut pic.twitter.com/WSOFAvp2Ug

— CNBC-TV18 (@CNBCTV18Live) October 4, 2018

Gujarat announces additional Rs.2.5 cut in petrol, diesel prices

Finance Minister Sh @arunjaitley Ji has announced Rs.2.5 cuts in petrol & diesel prices, reciprocating positively to FM’s announcement, the Govt Of Gujarat has also decided to reduce Rs.2.50 on both petrol & diesel. Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat

— Vijay Rupani (@vijayrupanibjp) October 4, 2018

Petrol to get cheaper by Rs 5 in Maharashtra; govt announces additional relief of ₹2.5 per litre

Maharashtra Government also decided to give additional relief of ₹2.5/litre on Petrol to give total benefit of ₹5/litre in the State of Maharashtra.

— Devendra Fadnavis (@Dev_Fadnavis) October 4, 2018

Won’t cut fuel prices, says Kerala FM Thomas Isaac

From @CNNnews18 | Kerala FM @drthomasisaac says will not cut fuel prices. Kerala was one of the first states to cut excise#FuelPrice #ExciseDutyCut pic.twitter.com/cn2FIuH5Xu

— CNBC-TV18 (@CNBCTV18Live) October 4, 2018

Jaitley announces cut in excise duty on fuel: here’s how it will impact petrol, diesel prices in four metros

Finance minister Arun Jaitley announced a Rs 1.50 cut in excise duty on Thursday. Here’s how petro and diesel are likely to get cheaper.

Oil marketing companies in a position to absorb price cut: Jaitley

#FuelPrice | Finance Minister @arunjaitley says oil marketing companies in a position to absorb the decision impact pic.twitter.com/FgNV4jsGy0

— CNBC-TV18 (@CNBCTV18Live) October 4, 2018

Market sees a big sell-off; benchmark indices end at a 4-month low

#MarketAtClose | Market sees a big sell-off; benchmark indices end at a 4-month low pic.twitter.com/S6EQFhGucS

— CNBC-TV18 (@CNBCTV18Live) October 4, 2018

‘Govt to continue with measures like this in overall interest’

Sudeep Bandopadhyay, Indiatrade Capital, Group Chairman said, “It is unrealistic to expect that OMCs would be allowed to continue with the margins they were enjoying. The govt will continue to take these kind of measures in overall interest.”

‘Cut in fuel prices won’t have much impact on incremental revenue’

Soumya Kanti Ghosh, group chief economic advisor, SBI said, “I would like to cut same amount if not more. The amount of incremental revenue is between Rs 30,000 crore to Rs 35,000 crore due to fuel and this wont be impacted much.”

Market analysts react to oil price cuts, call it ’tough situation’

“The maket was anyway going down. it is  a tough situation.Overall ICICI bank was in control of situation. The sentiment is fairly bad. Let us look at crude and rupee. Unless these two parameters change,” a stock market analyst said.

Oil stocks tank as Finance ministry announce Rs 2.5 price cut

Following Union finance minister Arun Jaitley’s announcement of cut in oil prices, share prices of oil marketing firms besides upstream companies tanked in the Bombay Stock Exchange.

ONGC – 164.00 -17.60 (-9.69%)
OIL INDIA LTD.203.90 -17.40 (-7.86%)
BHARAT PETROLEUM CORPORATION LTD – 310.95 -66.50 (-17.62%)
HINDUSTAN PETROLEUM CORPORATION LTD – 197.50 -53.85 (-21.42%)

Centre will not interfere in state taxes on fuel, but will write seeking cuts: Jaitley

Addressing a press briefing on Thursday, Arun Jaitley said that he will write to states to cut local taxes while announcing a cut in excise duty on petrol and diesel. Fuel prices were slashed by Rs 2.5 on Wednesday.

“Those states which are only giving lip sympathy, what were they doing?” Jaitley asked.

“Let the states decide. I am not interfering in the states,” the finance minister said. adding, “I will write to state govt seeking cut in local tax rates on petrol.”

Centre is not going back on deregulation: Arun Jaitley

Announcing a Rs 2.5 cut in petrol and diesel prices, finance Minister Arun Jaitley said on Thursday that the Central Government is not going back on deregulation. “We have to react to the situation and give relief without impacting fiscal deficit. We cannot do it at the cost of fiscal position and give it when it can absorb it,” he said.

OMCs to absorb Re 1 cut in excise duty, says Jaitley

#FuelPrice | Centre announces Excise duty cut of Rs 1.5. OMCs will absorb Re 1 cut, announces FM @arunjaitley pic.twitter.com/tm0qDQaSVR

— CNBC-TV18 (@CNBCTV18Live) October 4, 2018

Govt cuts excise duty on petrol and diesel by Rs 1.50

Finance Minister @arunjaitley says GOVT CUTS EXCISE DUTY ON PETROL & DIESEL BY Rs 1.50 pic.twitter.com/FcDcPCTXkk

— CNBC-TV18 (@CNBCTV18Live) October 4, 2018

Jaitley cuts excise duty cut by 1.50 

Finance Minister Arun Jaitley announced a cut of R s 2.50 percent in fuel prices.  “Oil marketing companies will absorb Rs 1 from the central govt cut on 2.50 relief on petrol and diesel,” he said.

Govt has authorised OMCs to raise $10 bn through currency oil bonds: Jaitley

“The govt’s borrowings programmes have been cut by Rs 70,000 cr. We have authorised OMC to raise $10bn through foreign currency oil bonds. We have announced series of restraint import steps. In order to allow Indian entities to raise masala bonds, we have exempted them from withholding tax. Coupled with this we find several macro economic factors indicating stable results,” says Jaitley

Govt has taken steps to control the impact of Brent oil prices and rising interest rate in US: Jaitley

“The Brent oil since yesterday has crossed $86,  and the Interest rate at 3.2 percent in US is highest ever. This is both on the stock markets and the currency markets and this leads to larger flows of dollars back into the US market. A large number of steps has been taken in this regards,” says Arun Jaitley.

Pradhan and Jaitley had disccused ways to mitigate impact of fuel prices on farming sector

According to PTI, Arun Jaitley and Dharmendra Pradhan had met Wednesday 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.

Finance minister Arun Jaitley to hold press briefing soon

A day after last-minute meeting with oil minister Dharmendra Pradhan Finance Minister Arun Jaitley has called a press briefing today. The finance minister is likely to make a major announcement with regards to rising fuel prices in the country.