International benchmark Brent crude fell below USD 90 per barrel last week for the first time since early February as recession fears weigh on demand.
Meanwhile, due to the current fuel shortage, the Education Ministry declared next week from July 4 to July 8 as a holiday week for all government and state-approved private schools.
As per the PPAC, the Indian basket of crude oil averaged USD 111.86 per barrel between February 25 and March 29 - the immediate period after Russia's invasion of Ukraine sent oil on fire.
According to an association, the dealer margins are to be revised every six months but the OMCs have not done the same since 2017 despite a steep increase in fuel prices and operational costs.
Thus, the bigger states such as Maharashtra, which have lower debt-to-GDP ratio have significantly large fiscal space for lowering their tax on diesel and petrol by even up to Rs 5.
What wrong had the people of AP committed that the YSRC regime had failed to provide any additional relief to them on its part? the Leader of Opposition asked.
Bommai, last month was non-committal on any further cut in fuel tax by the state government, and had maintained that any decision in this regard will be taken after looking at the economy of the state.
The excise duty cut will translate into a reduction of Rs 8.69 a litre on petrol in Delhi and Rs 7.05 in diesel per litre after taking into account its impact on other levies.
TMC national spokesperson Sukhendu Sekhar Ray said the Centre has raised the prices of petrol and diesel at least 14 times in the past few months and by leaps and bounds in the past one year.
In a statement, Thackeray criticised the Central government for minimal reduction of excise duty on petrol and diesel.
Cut on fuel excise duty: Stop befooling people, says Congress; Nadda seeks VAT cut by opposition-ruled states
Congress chief spokesperson Randeep Surjewala said the government had increased the excise duty on petrol by Rs 10 in 60 days and is now 'duping' people by reducing it by Rs 9.50.
Announcing the cut on state tax, Kerala Finance Minister K N Balagopal said the Union government has partially reduced the huge tax imposed by it. He, however, welcomed the Centre's decision.
Priyanka Gandhi's attack on the BJP-led government came amid a political slugfest over PM Narendra Modi flagging higher fuel prices in many Opposition-ruled states.
The Opposition accused PM Narendra Modi of playing politics during his meeting with CMs on the COVID situation by raising the issue of fuel prices.
The Congress hit back at PM Narendra Modi after he attacked the opposition-ruled states for not reducing the VAT on petrol and diesel.
Some states did not reduce local taxes on petrol, diesel despite Centre's excise duty cut: PM Narendra Modi
PM Narendra Modi said the Centre had reduced excise duty to reduce the burden of prices of petrol and diesel on the people last November.
BJP State chief Bandi Sanjay said on Saturday that Telangana was among the States with highest petrol price in the country, even as 18 States have reduced petrol and diesel prices.
Commuters in Delhi may face problems as various unions of auto, taxi and mini bus drivers have decided to go on strike on Monday.
General secretary of Delhi Auto Rickshaw Sangh, Rajendra Soni, said the "unprecedented" price hike in rates of CNG has broken the backbone of auto and cab drivers.
The budget session had begun on January 31, with the address of President Ram Nath Kovind to the joint sitting of both the Houses, followed by the budget.