The levy on crude, which follows record earnings by state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) and private sector Cairn Oil & Gas of Vedanta Ltd, alone will fetch the government Rs 67,425 crore annually on 29 million tonnes of crude oil produced domestically.
According to a notification issued by the finance ministry, the government imposed a Rs 10 per litre petroleum levy on petrol and Rs 5 each on high-speed diesel, kerosene and light diesel oil.
Many are hopeful that this time apart from petrol and diesel, a decision should be taken on bringing liquor under GST. However, there is no official word on these developments.
Recently, hundreds of two and four-wheelers were witnessed at most of the petrol pumps around midnight in Gujarat's Ahmedabad following a rumour on social media about a possible strike of petrol pump owners.
Petrol, Diesel shortage: Rumours about fuel shortage started doing the rounds after long queues over the weekend were spotted at petrol pumps in Rajasthan, Uttarakhand and Gujarat.
Long queues of two and four-wheelers were witnessed at most of the petrol pumps in Ahmedabad after rumours of a petrol shortage in the city.
According to Pakistan's finance minister, the hike in petrol price has been aimed at ensuring the revial of the International Monetary Fund (IMF) programme.
The reduction in price as claimed by the state government is a natural result of the Centre's decision to cut down excise duty on fuel, Fadnavis said in a series of tweets.
Reports said that the loss to the exchequer post the reduction of excise duty on petrol and diesel will be borne through additional borrowings.
Amid the blame-game between the Centre and Opposition over the intention of reducing the fuel prices, Finance Minister Nirmala Sitharaman put some facts before the people saying criticism/appraisal can benefit from having them before us.
A day after Centre cut excise duty on petrol and diesel, the Maharashtra government on Sunday slashed VAT on fuel. The government added that the state will have to bear an additional loss of Rs 2,500 for this move.
Confederation of all India Traders said the fuel price cut will lead to reduction in prices of everyday items by at least 10 percent on average and similarly prices of other commodities should also come down because the transportation of raw materials will also be cheaper now.
Petrol price on Sunday was slashed by Rs 8.69 a litre and that of diesel by Rs 7.05 per litre following the govt's decision to cut excise duty on auto fuels, giving relief to consumers battered by high fuel prices that had pushed inflation to a record high
Petrol price on Sunday was slashed by Rs 8.69 a litre and that of diesel by Rs 7.05 per litre following the government's decision to cut excise duty on auto fuels, giving relief to consumers battered by high fuel prices that had pushed inflation to a record high.
In the national capital, the excise duty cut will result in a reduction of Rs 9.5 a litre on petrol in Delhi and Rs 7 a litre in diesel after taking into account its impact on other levies.
The Indian government on Saturday cut excise duty on petrol by a record Rs 8 per litre and that on diesel by Rs 6 per litre to give relief to consumers battered under high fuel prices that have also pushed inflation to a record high.
Rajasthan and Kerala governments announced a tax reduction in prices of petrol and diesel after the Centre's announcement on the same.
Congress General Secretary Randeep Surjewala on Saturday slammed the Central government's decision to reduce prices of petrol and diesel
The government on Saturday cut excise duty on petrol by a record Rs 8 per litre and that on diesel by Rs 6 per litre to give relief to consumers battered by high fuel prices that have also pushed inflation to a multi-year high.
LPG cylinder price cut: After cutting down on petrol and diesel prices, the government also reduced the price of LPG cylinders by Rs 200.
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