Some more steps likely to narrow CAD, says Arun Jaitley

Arun Jaitley,Fuel price hike,Finance minister

The cut in fuel prices will cost the exchequer Rs 10,500 for the remaining half of this financial year

Maharashtra's Chief Minister Devendra Fadnavis has just announced an additional relief of Rs 2.5/litre resulting in a total Rs 5/litre drop in petrol prices. States saw their Value-Added Tax revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18.

The government of India has finally pitched in to cut down the prices of fuel in India by cutting the excise on petrol and diesel. If the Centre is serious, it should reduce the tax to what it was when it assumed office.

The government lowered the excise duty by Rs 1.50 a litre and asked state-run oil marketers to cut price by Re 1 a litre.

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Rising petrol and diesel fuel prices have been a cause of public anger, with people in parts of the country blocking trains and vandalising vehicles in protest.

Union Finance Minister Arun Jaitley spoke on the second day of the Hindustan Times Leadership Summit 2018.

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

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Fuel prices cut by ₹2.50 ($.034) a litre in several states across India.

Finance minister Arun Jaitley on Saturday promised more steps to stabilize the rupee and to reduce current account deficit (CAD) and assured businessmen that India would be agile in its response to global trends impacting the economy.

"Three major factors decide crude oil prices".

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Macro stability and fiscal prudence have been the hallmarks of this government, investors have taken solace in the fact that the NDA has been conservative and not indulged in fiscal profligacy - it also got lucky with benign oil prices through much of its term. He said, the centre has allowed oil companies to raise 10 billion dollars through bonds. A 13 percent depreciation in the Indian rupee had only made fuel imports costlier. 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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