People are having a sigh of relief after the Centre government announced Rs 2.50 cut in petrol and diesel on Thursday, while also asking state governments announce cuts on similar lines. Following the suit, 10 state governments, including Madhya Pradesh, Chhattisgarh, Uttarakhand, Jharkhand, Assam, Himachal Pradesh, Haryana, Maharashtra, Uttar Pradesh and Gujarat, also cut Rs 2.5 VAT (Value Added Tax) on petrol and diesel, the passing total benefit of Rs 5 per litre to people in these states. Earlier, Rajasthan, Karnataka, Andhra Pradesh, and West Bengal had also announced cut in VAT amid rising fuel prices.
So after the fuel cut of Rs 2.50-Rs 5 across India, how much are fuel prices in your city? Here's a quick look at fuel prices in major cities of India as per the Indian Oil Corporation prices for petrol and diesel.
The Central government will bear a revenue loss of around Rs 10,500 crore due to today's cut in excise duty on petrol and diesel prices. The government has reduced the central excise duty levied on petrol and diesel by Rs 1.50.
The consumers, however, will see an effective drop of Rs 2.50 in fuel prices since the government has asked the oil marketing companies to cut another Re 1 per litre.
Experts believe that Rs 2.5 cut on fuel is nothing but a token relief. They say the government is playing to the gallery by cutting fuel by a minimal margin at a time petrol and diesel have been increased by Rs 5.17 and Rs 4.83 respectively, in the past one month alone.
Meanwhile, International benchmark Brent crude oil futures LCOc1 is at $84.94 per barrel, up 36 cents, or 0.4 per cent from their last close, while US West Texas Intermediate crude is up 41 cents, or 0.6 per cent, at $77.74 a barrel.
Edited by Manoj Sharma