Published: Sat, October 06, 2018
Money | By Wilma Wheeler

Can't Solve Oil Price Rise With Tweets: Arun Jaitley's Dig At Opposition

Can't Solve Oil Price Rise With Tweets: Arun Jaitley's Dig At Opposition

Kerala Finance Minister Thomas Isaac on Thursday refused to reduce Value Added Tax (VAT) by Rs 2.50 on petrol and diesel in the southern state as per the Centre's request so as to give relief to the people.

Apart from this, the oil marketing companies in India have been asked to bear the remaining burden of Re 1 per every litre and with this, the customers will get a relief of Rs 2.50 per litre on both petrol and diesel. After you announced Rs 5/litre, implement it instead of giving just Rs 4.37/litre...

West Bengal Chief Minister Mamata Banerjee and Delhi Chief Minister Arvind Kejriwal demanded that the Centre cut excise duty by Rs 10 per litre on petrol and diesel. On Saturday, the petrol was being sold at Rs 81.68 per litre and the diesel has been priced at Rs 73.79 per litre.

Union Finance Minister Arun Jaitley on Saturday said he disagreed with the Supreme Court's judicial view on Section 377 that sexuality is a part of free speech.

"Ever since the Modi government assumed office, it has raised excise duty on diesel by Rs 14 and petrol by Rs 9 per litre".

The decisions were taken at a meeting chaired by Prime Minister Narendra Modi to review the prevailing economic issues. Oil prices were on freeze for 19 days during the Karnataka Assembly polls in May this year despite a spike in global crude prices.

Brent, the benchmark for more than half the world's oil, has touched Dollars 86 per barrel mark, the highest in four years. In response, the governments of Maharashtra and Gujarat have also announced a reduction in excise duties. A 13 percent depreciation in the Indian rupee had only made fuel imports costlier.

Finance Minister Arun Jaitley on October 6 said there are some more steps on the anvil to narrow the current account deficit (CAD) and bolster forex inflows. Absorbing this Rs 10,500 crore in increased collection and maintaining fiscal deficit I am confident we will be able to do that.

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