Petrol prices soar, diesel at all-time high; Petroleum Minister blames state governments

No Scope For Further Excise Duty Cuts On Petrol Diesel Prices Source

On Saturday, petrol price went down by 1 paise while diesel price also fell slightly after a month of continuous increase.

February will see the decrease of fuel prices allowing many South Africans to breathe a small sigh of relief.

Petrol price rose to Rs 73.31 per litre in Delhi, highest since March 2014, while diesel price rose to Rs 64.14 per litre in Delhi.

On October 3, the central government dropped the excise rate by Rs 2 per litre in a bid to bring down the spiralling fuel prices.

Announcing for an excise duty cut in October, the Centre had asked the states to follow the step by announcing an equal reduction in sales tax or VAT to give the aam aadmi some respite from high petrol and diesel prices.

After the extract obligation cut by the centre Dharmendra Pradhan had encouraged state governments to cut retail Value-Added Tax on petroleum and diesel by 5 rate point, nonetheless, just Gujarat, Maharashtra, Madhya Pradesh, Himachal Pradesh and Union Territories cut the Value-Added Tax, in spite of 19 states in the nation being the BJP ruled states.

The crude oil rate witnessed a sharp decline on Tuesday, as it dropped to $67-per-barrel.

Other markets dropped as investors were spooked by Friday's payrolls report from the United States, which showed wages growing at their fastest pace in more than 8-1/2 years, fuelling inflation expectations.



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