Budget 2018: Excise duty on petrol, diesel cut; Relief to vehicle owners

The revised price of petrol stands at Rs 84.51/litre

"Thereby, the final price of petrol and diesel would remain unchanged for the consumer", Finance Secretary Hasmukh Adhia explained while speaking to a news channel.

However, these reductions are offset by the introduction of a ₹ 8 per litre road and infrastructure cess on petrol and high speed diesel.

The Centre on Thursday announced that the excise duty cut of Rs 2 announced by Finance Minister Arun Jaitley will have no impact on petrol and diesel prices. The excise duty on branded petrol has been reduced from Rs 7.66 to Rs 5.66 and branded diesel has been reduced from Rs 10.69 to Rs 8.69 per liter. With the petrol cost now surging beyond the Rs 80-benchmark, motorists have recalled the similar price surge of 2013, when the erstwhile government led by Dr Manmohan Singh drew severe flak.

The latest uptick in crude price follows comments from Saudi Arabia that major oil producers were in agreement that they should continue cooperating on production after their deal on supply cuts expires at the end of 2018.

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OGRA has proposed Rs10.25 per litre, SKO Rs12.74 per litre and LDO Rs11.72 per litre on the basis of hike in prices of petroleum products in the worldwide market.

The price of kerosene oil has also been increased by Rs5.94 per litre or 9.23 per cent from Rs64.32 to Rs70.26 per litre.

The federal government, on the recommendations of Oil and Gas Regulatory Authority (OGRA), has revised petroleum product prices effective from February 01. The government, however, may choose to levy an additional cess on diesel and petrol. Petroleum products still attract state and central levies such as excise duty and VAT (Value added tax). He said the price for petrol has been increased by Rs2.98 per litre.

The spokesperson further clarified that the overall increase in global prices of crude oil has been around 8.07 per cent with HSD 8.68 per cent and kerosene oil by 8.09 per cent.

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