Petrol, diesel prices cut by Rs 2.50 per litre

Out of this, the oil marketing companies will absorb one rupee per litre and Excise duty on petrol, diesel to be cut by one rupee 50 paise.

Central minister Arun Jaitley has also urged state governments to cut down state-VAT to reduce petrol prices further by about Rs 2.5. He added that the last time that the Centre asked states to provide relief to the common man "only BJP or NDA allies-led states" did that.

The fuel price cut decision is only the latest in India's government efforts to cushion the blow from rising oil prices.

All the cuts will be effective from midnight, as clarified by Dr. Hasmukh Adhia, finance secretary. "So, a total of Rs 2.50 will be reduced on both diesel and petrol", said Jaitely.

In a major relief for consumers across the country, the Centre today slashed the prices of petrol and diesel by at least Rs 2.50 per litre.

In a press briefing, Jaitley said that the Centre will cut Rs 1.50 in excise duty on fuel while an additional Re 1 will be absorbed by the Oil Marketing Companies (OMCs).

Transport fuel prices have continued on a daily record-breaking upward movement with petrol inching closer to Rs 84 in Delhi and having already crossed the Rs 91 a litre mark in Mumbai. "Thus petrol and diesel will be Rs 5 cheaper in the state of Gujarat".

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However, Kerala Finance Minister Thomas Isaac said that he will not cut fuel prices.

Following Centre's move, Maharashtra government has also announced a Rs 2.5 reduction on the petrol.

"Ever since the Modi government assumed office, it has raised excise duty on diesel by Rs 14 and petrol by Rs 9 per litre". State-run refiners will also cut the price they charge by 1 rupee per litre.

Last month, Rajasthan, Karnataka and Andhra Pradesh had reduced Value-Added Tax to cushion consumers for a spate of price increases.

Jaitley said the move followed Brent crude oil touching four-year high of United States dollars 86 a barrel Wednesday and interest rates in USA reaching seven-year high.

Petrol prices were Thursday hiked by 15 paise a litre and diesel by 20 paise, according to price notification of state-owned oil firms.

  • Darren Santiago