Petrol, diesel prices cut by Rs 2.50 per litre

Oil prices cut by Rs 2.50 per litre with immediate effect: FM Arun Jaitley

Finance Minister Arun Jaitley on Thursday addressed rising concerns over rising prices of global crude oil prices and continued depreciation of the rupee, which is now trading beyond the Rs 73-mark against the US dollar. He announced that the centre has approved a cut of Rs 1.50 on excise duty for crude oil and an additional cut of Re 1 will be deducted by OMCs with immediate effect.

Jaitley said he would write to states to absorb an equivalent amount i.e. Rs 2.50 VAT to reduce the pressure on citizens. It may be noted that some states have already lowered the VAT to control the rising oil prices. If the states agree to deduct Rs 2.50/litre, then a Rs 5 relief on fuel prices can be expected in every state.

Finance Minister Arun Jaitley on Thursday addressed rising concerns over rising prices of global crude oil prices and continued depreciation of the rupee, which is now trading beyond the Rs 73-mark against the US dollar. He announced that the centre has approved a cut of Rs 1.50 on excise duty for crude oil and an additional cut of Re 1 will be deducted by OMCs with immediate effect.

Jaitley said he would write to states to absorb an equivalent amount i.e. Rs 2.50 VAT to reduce the pressure on citizens. It may be noted that some states have already lowered the VAT to control the rising oil prices. If the states agree to deduct Rs 2.50/litre, then a Rs 5 relief on fuel prices can be expected in every state.

 

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