Big Fuel Price Cut Expected Ahead Of 2024 Lok Sabha Elections: Reports

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According to various reports, the anticipated reduction could be as significant as Rs 10 per litre, providing relief to consumers grappling with high fuel costs

In a development with potential political ramifications, sources within the Union Finance Ministry have confirmed to News18 that a substantial cut in fuel prices is on the horizon, months ahead of the 2024 Lok Sabha elections. 

According to various reports, the anticipated reduction could be as significant as Rs 10 per litre, providing relief to consumers grappling with high fuel costs.

The forthcoming price adjustment is attributed to the recent decline in international crude oil prices. Insiders reveal that the Union government is strategically planning this move to address public concerns and garner positive sentiment in the lead-up to the elections.

Notably, in May 2022, the central government had already taken steps to alleviate the burden on consumers by reducing the Central Excise Duty on petrol and diesel by Rs 8 and Rs 6 per litre, respectively.

Currently, in Delhi, petrol is priced at Rs 96.72 per litre, while diesel is at Rs 89.62 per litre. In Mumbai, the prices are even higher, with petrol at Rs 106.31 and diesel at Rs 94.27 per litre.

The Modi government claims credit for shielding common citizens from global oil price volatility. In response to an unstarred question in the Rajya Sabha, officials highlighted data from October 2021 to October 2023, demonstrating a 1 per cent point drop in diesel prices in India, while other countries experienced a rise.

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, credited the Modi government's decisive steps for the reduction in oil prices in India. He stated, "Worldwide the prices went up around India by 70-80 per cent, in North America by 40-50 per cent, India prices came down by 5 per cent  that’s because of the decisive steps PM Modi has taken."

Puri further emphasised that the BJP-ruled states are managing fuel prices effectively by reducing VAT, contrasting it with opposition-ruled states experiencing a visible rise in prices.

As the country awaits the official announcement, the potential fuel price cut could significantly impact public sentiment and political dynamics in the run-up to the 2024 Lok Sabha elections.

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Leader for the sake of middle class ani bhajana . Good joke 

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TN Government Refutes Nirmala Sitharaman’s Claims On Grants

Chennai: State finance minister Thangam Thennarasu on Friday refuted Union finance minister Nirmala Sitharaman’s claims that more central funds had been released to the state during the NDA rule than the direct tax collected from the state.

Addressing reporters at the Secretariat, Thennarasu presented numbers to dispute claims made by Sitharaman.

The state had received 4.75 lakh crore as part of tax devolution and grants-in-aid during the nine year period from 2014 to 2023, while the total direct tax collection in the corresponding period was 6.23 lakh crore, the minister said. “If we give 1 to the Centre, we get back only 29 paise. But the ratio of devolution is completely different in BJP-ruled states. If the direct tax collection in certain states hovers around 2.23 lakh crore, they have received 15.75 lakh crore in return. Uttar Pradesh is an example,” the minister said.

Sitharaman, while participating at an event in Chennai on Thursday, had stated that Centre had granted 6.96 lakh crore to Tamil Nadu during the 2014-2023 period.

The legitimate share of income also reduced with Centre’s cess and surcharges being increased to 28.1% of the gross tax revenue in 2021-22, while the assured annual growth rate of 14% in the GST revenue was also not forthcoming.