Maharashtra govt to cut diesel prices by Rs 1.56 per litre

Finance minister Arun Jaitley announced a cut of Rs 2.50 in the price of petrol

Petrol and diesel prices on Saturday were also hiked by 20 paise and 30 paise, respectively.

In the national capital, petrol is priced at Rs 82.03 per litre, while diesel rates have now escalated to Rs 73.82 following the revision.

The petrol and diesel prices have resumed the ascending trend today.

Petrol rate is the highest in Mumbai and diesel rate is the highest in Chennai. Diesel prices in the city however saw an effective decline of 70 paise, falling to Rs 76.75 per litre.

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Mr. Gandhi has been been attacking the government over high petrol and diesel prices and the falling value of rupee.

Earlier in the day, Fadnavis had told reporters that the government will reduce local taxes on diesel by Rs 1.50 so that the consumers get relief of Rs 4 per litre. 1 drop by oil marketing companies, taking the cut in fuel prices to Rs. 2.50.

Several states had announced reduction in fuel prices by cutting sales tax/VAT.

Petrol and diesel prices were cut by a minimum Rs 2.50 on October 5 when the government's only second cut in excise duty of Rs 1.50 per litre and state-owned fuel retailers providing a Re 1 per litre subsidy came into effect. In Mumbai and Chennai, Rs 2.65 and Rs 2.68 were reduced respectively, but in Kolkata it was just Rs 2.50. The states where the prices have been decreased are Gujarat, Chhattisgarh, Tripura, Jharkhand, Uttar Pradesh, Madhya Pradesh, Maharashtra, Himachal Pradesh, Haryana, Assam, Arunachal Pradesh, Uttarakhand, Jammu and Kashmir and Goa, said reports. Following the twin decision, they fell to Rs 81.50 per litre of petrol in Delhi and Rs 86.97 in Mumbai. Central excise duty on petrol and diesel was Rs 9.23 and 3.46 per litre respectively before 2014. Revenue from petroleum products went up from Rs 88,000 crore in 2013-14 to Rs 1.86 lakh crore in 2015-16 - a massive 69 per cent jump.

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