Petrol price dropped in Puducherry too!
The government of puducherry announced today that the territory administration has reduced the value-added tax (VAT) on fuel by 3%. puducherry Chief minister N Rangasamy made the reduction decision during a territorial cabinet meeting earlier today, and Lieutenant governor Tamilisai Soundararajan accepted it.
Petrol prices in puducherry and Karaikal would be decreased by 2.43 per litre as a result of the drop.
Nirmala Sitharaman, the Union Finance minister, recently ruled out a reduction in excise duty on gasoline and diesel to help down costs, which have reached all-time highs, citing the limits of using payments rather than previously subsidised fuel.
During the previous Congress-led UPA administration, gasoline and diesel, as well as cooking gas and kerosene, were supplied at subsidised prices. Instead of paying for the subsidy to restore the artificially suppressed retail selling price in line with the cost that had risen due to international prices exceeding USD 100 per barrel, the government issued state-fuel retailers oil bonds worth Rs.1.34 lakh crore.
Sitharaman said the interest on oil bonds paid in the previous seven years totalled 70,195.72 crores, after raising excise duty on gasoline and diesel to record highs to boost revenue collections last year.
Petrol prices in puducherry and Karaikal would be decreased by 2.43 per litre as a result of the drop.
Nirmala Sitharaman, the Union Finance minister, recently ruled out a reduction in excise duty on gasoline and diesel to help down costs, which have reached all-time highs, citing the limits of using payments rather than previously subsidised fuel.
During the previous Congress-led UPA administration, gasoline and diesel, as well as cooking gas and kerosene, were supplied at subsidised prices. Instead of paying for the subsidy to restore the artificially suppressed retail selling price in line with the cost that had risen due to international prices exceeding USD 100 per barrel, the government issued state-fuel retailers oil bonds worth Rs.1.34 lakh crore.
Sitharaman said the interest on oil bonds paid in the previous seven years totalled 70,195.72 crores, after raising excise duty on gasoline and diesel to record highs to boost revenue collections last year.