In Chandigarh, Fuel Prices Cut By 1.5 Per Litre
- by Patty Hardy
- in Business
- — Oct 6, 2018
The shares of Indian oil marketing companies tumbled after Finance Minister announced the decision to cut down the fuel prices to the tune of Rs 2.50 per litre.
BJP chief Amit Shah was closeted with three senior ministers on Wednesday and discussed the need for cutting fuel prices, sources said.
In a surprise move, Govt. of India has announced that petrol and diesel prices will be now cheaper by Rs 2.5.
However, the diesel prices were left untouched yesterday by the state government, which said an assessment was being made on this front.
"For the reduction of Rs.1.56/litre in diesel prices, now don't squander Rs 1,500 crores in publicity, or people will be forced to shell out extra Rs. 10 to recover that", Munde added sarcastically.
Jaitley, however, said asking oil companies to bear a part some burden is not going back on deregulation. "This time if other state governments do not do it then people will ask them", he said.
Twitter's new Data Saver feature does what it says on the tin
For this, the microblogging website has introduced a new " Data Saver " feature in its app on both Android and iOS platforms. You can choose to load higher-quality pictures in those moments when you have data to spare (preferably someone else's data).
Malaysia ex-PM's wife pleads not guilty to money laundering
Following his stunning victory, Mahathir reopened investigations into 1MDB and Najib's possible involvement in its operations. Her lawyer Geethan Ram Vincent told reporters, "This is a good opportunity for (Rosmah) to.clear her name".
Active shooter incident underway in South Carolina; 5 officers shot
Add Police Shootings as an interest to stay up to date on the latest Police Shootings news, video, and analysis from ABC News. He did not have specific information on the numbers of officers involved but said some were seriously wounded.
The price cuts would be effective from midnight tonight.
Nationalist Congress Party's Leader of Opposition in the Legislative Council Dhananjay Munde criticized the belated decision and reiterated that petrol-diesel must be brought under GST for providing genuine relief to the people. "The government has cut down borrowing this year by Rs 70,000 crore". Petrol prices were regulated until 2012, while diesel prices remained so until 2014. He urged the state governments to cut the Value-Added Tax on fuel by an equal amount so that the fuel prices go down by Rs 5 per litre.
The shares of Indian oil marketing companies sank after the announcement, with Indian Oil Stocks down by 18.24 percent, HPCL stocks tumbled by 22 percent and BPCL stocks declined by 19 percent.
Bihar Deputy Chief Minister Sushil Kumar Modi said his government has not received any letter from Jaitley on the matter, ANI reported.
Thank you Hon PM @narendramodi ji and Union Minister @arunjaitley ji for reducing ₹2.50/litre on both Diesel and Petrol. This means that petrol will continue to be expensive in Delhi.
