Arun Jaitley hints no cut in excise on oil, asks citizens to pay taxes

Union Minister Arun Jaitley today urged citizens to pay their due share of taxes "honestly" to reduce dependence on oil as a revenue source, and virtually ruled out any cut in excise duty on petrol and diesel saying it could prove to be counter-productive.

While salaried class pay their due share of taxes, Jaitley said "most other sections" have to improve their tax payment record, which is keeping India "far from being a tax-compliant society".

"My earnest appeal, therefore, to political leaders and opinion makers ...would be that evasion in the non-oil tax category must be stopped and, if people pay their taxes honestly, the high dependence on oil products for taxation eventually comes down. In the medium and long run, upsetting the fiscal maths can prove counter-productive," Jaitley said.

In a facebook post titled 'The Economy and the Markets Reward Structural Reforms and Fiscal Prudence', Jaitley said in last four years, central government's tax-GDP ratio has improved from 10 per cent to 11.5 per cent. Almost half of this, 0.72 per cent of GDP, accounts for an increase in non-oil tax-GDP ratio.

Petrol prices see another cut: Here's what you will pay in top cities today

Fuel prices, for the tenth consecutive day, was marginally lowered on Friday. As per prices announced by largest retailer Indian Oil Corp (IOC), petrol prices fell around 21 paise in the four metro cities, while diesel prices were down by around 15 paise.

In Delhi, petrol per litre on Friday cost Rs 77.42, down from 77.63 on Thursday. Similarly, in Mumbai and Kolkata, petrol prices were at Rs 85.24 and Rs 80.07 a litre respectively. In Chennai, petrol fell by 22 paise to Rs 80.37 per litre.

Diesel prices were down by 15 paise in Delhi, Mumbai and Kolkata. In Chennai, its price was down by 16 paise.

On Thursday, petrol prices were reduced by 9 paise, while diesel prices were cut by 7 paise in Delhi.

Even after ten consecutive price cuts, fuel prices continue to remain at high levels following the resumption of daily price changes after a 20-day suspension of the system last month owing to the Karnataka elections.

End to relentless petrol, diesel price rise brings no joy as cuts minuscule

High fuel prices have burnt a hole in the common man's pockets. With mounting frustration, rates have been cut for the third consecutive day today. However, this is likely to be cold comfort for most given that the reduction in prices has been minuscule. Prices for petrol and diesel fell by 6 paise and 5 paise per litre, respectively, on Friday. After a one paisa cut in fuel prices, petrol prices across the four metros were cut on Thursday by seven paise a litre and diesel prices fell by five paise.

Petrol now costs Rs 78.29 per litre in Delhi, while the price of diesel has been revised to Rs 69.20 a litre. The revised Petrol prices in other metro cities are -- Rs 80.92 in Kolkata, Rs 86.10 in Mumbai, and Rs 81.28 in Chennai. The revised diesel prices are Rs 71.75 in Kolkata, Rs 73.67 in Mumbai, and 73.06 in Chennai.

How does this measure up against the previous hike in petrol prices? These cuts contrast against the nearly Rs 4 per litre rise in prices during May 14-29, with the daily hike in prices varying around 15-30 paise a litre. Similarly, diesel prices in all the four metros also were at record levels during the period.

A direct comparison of prices brings home the point. In the national capital on Thursday, petrol was sold at Rs 78.35 per litre, down from Rs 78.42 on Wednesday. Compared to Friday's prices, that is just a 13 paise difference in the favour of the consumer.