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
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.
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.
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.
'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 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.
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
LIVE NEWS and UPDATES
'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
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
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.
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.
Direct Tax Collections for the Financial Year 2018-19 up to September, 2018 (Half-yearly figures) show that gross collections are at Rs. 5.47 lakh crore which is 16.7% higher than the gross collections for the corresponding period of last year.
— Ministry of Finance (@FinMinIndia) October 4, 2018
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.
There is considerable increase in overall Credit Growth in Q1 of the Current Financial Year 2018-19 including in Agriculture and MSME Sector : pic.twitter.com/iZ9RVzIMPd — Ministry of Finance (@FinMinIndia) October 4, 2018
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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The Congress' attack on the Modi govt came a day after petrol and diesel prices touched new highs after rates were increased for the fourth time this week
Petrol and diesel prices were hiked by 25 paise per litre each for the third time in the same week. After the revisions, diesel will be at an all time high Rs 75.63 a litre in the National Capital and Rs 82.40 in Mumbai