Govt decision to lower fuel prices rightly roils markets
International oil prices touching a four-year high is a "challenge" that has resulted in fuel prices continuing to rise despite a one-off excise duty cut and PSUs subsidising fuel, he says
In Delhi, diesel price is up 29 paise and is now being retailed at Rs 73.53 per litre
The government said on Thursday it was cutting gasoline and diesel by 2.50 rupees per litre to help Indians struggling to pay fuel prices
Non-BJP ruled states like Kerala, Karnataka and West Bengal have refused to cut taxes
Except for Mumbai, diesel prices are up by around 30 paise across major cities
The diesel consumers in the state will get a relief of Rs 4 per litre as the Centre has already reduced the prices on the fuel by Rs 2.50 per litre
The price cut involved a reduction in excise duty of Rs 1.50 per litre by the government and a further cut of Rs 1 per litre by the state-owned oil marketing companies
The Centre, along with many BJP-ruled states, announced a significant cut in petrol and diesel prices on Thursday
What Jaitley did on Thursday by asking them to absorb another one ruppe per litre was to increase that squeeze and make it formal
Farmers, BJP rank and file compelled the govt to cut fuel prices ahead of polls
Ford India is concerned that owing to untoward market conditions, the actual growth might be lower by 0.5-1 per cent
Jaitley said the move followed Brent crude oil touching a four-year high of $86 a barrel on Wednesday and interest rates in US reaching a seven-year high
The announcement was made by CM Devendra Fadnavis soon after the central government announced cut in the prices of petrol and diesel by Rs 2.50 per litre
The move announced on Wednesday evening will be partly offset by their reducing short-term forex credit, which it estimated at $15 billion during the fiscal
In Kolkata and Chennai, petrol is priced at Rs 85.80 and Rs 87.33 per litre respectively
Petrol prices in the other key cities of Mumbai, Kolkata and Chennai on Tuesday are at Rs 91.20, Rs 85.65 and Rs 87.18 per litre, respectively
After the revision, petrol is being sold at Rs 83.73 per litre in Delhi and diesel costs Rs 75.09 per litre
Petrol is now priced at Rs 90.75, Rs 86.7 and Rs 85.21 per litre respectively in Mumbai, Chennai and Kolkata
With about 19 paise hike, diesel is priced at Rs 74.42 per litre in Delhi and Rs 79.01 per litre in Mumbai