"The people will pay a heavy price for the follies of the BJP-led NDA government".
The centre on Thursday cut excise duty by Rs 1.50 and oil marketing companies dropped another Re 1, taking the cut in fuel prices to Rs 2.50.
G Vinay Kumar, general secretary of Telangana Petroleum Dealers Association, said the fuel prices were more likely to see a dip from Thursday midnight. Gujarat government reduced petrol and diesel prices by Rs 2.50 per litre, while Maharashtra lowered petrol price by 2.50 per litre.
The RBI said that the state-owned oil companies can raise external commercial borrowings (ECBs) for working capital with minimum average maturity of 3-5 years and they don't have to mandatorily hedge all ECBs.
However, very soon, the prices can be reduced by Rs 5 as well!
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► Maharashtra CM Devendra Fadnavis said: "Maharashtra government also made a decision to give additional relief of Rs 2.50 per litre on petrol to give a total benefit of Rs 5 per litre in the state of Maharashtra". It has consistently resisted demands for excise duty cuts since May when pump prices first started to move up.
Jaitley said the total impact of Rs 1.50 cut in excise duty is about Rs 21,000 crore for full year and Rs 10,500 crore the reminder of current fiscal.
BJP chief Amit Shah said the decision showed the government's sensitivity towards welfare.
While it may seem the Indian government certainly has room for slashing taxes further on fuels, the recent cut is estimated to cost the government ₹2.7 trillion.
Shares of Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd extended losses and were down as much as 24.38% to 27.96%. They were raised a day after the polls got over. Gujarat had announced a price cut to the same tune.
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.