Centre slashes Rs 2.50 per litre on petrol, diesel prices

New Delhi: In a major relief for consumers across the country, the union government on Thursday slashed the prices of petrol and diesel by at least Rs 2.50 per litre.

The announcement was made by Finance Minister Arun Jaitely.

“Excise duty to be reduced by Rs 1.50 & OMCs will absorb Rs 1. So, a total of Rs 2.50 will be reduced on both diesel and petrol,” said Jaitely.

The Centre has also urged the State governments to slash taxes on petrol and diesel which will is likely to further reduce the prices by at least Rs 5 per litre.

“I am writing to all state governments requesting them to cut rates by Rs 2.50. We are seeing how the currency impact can be contained,” said Jaitley.

Union Petroleum Minister thanked the Finance Minister for the decision to provide relief to the common man by reducing the excise duty.

Thank Hon. PM Sh. @narendramodi & FM Sh. @arunjaitley for their decision to provide relief to common man & reducing the Excise duty levied on Petrol & Diesel by Rs1.50,Our OMCs will also absorb 1 Rupee resulting in an overall reduction of Rs 2.50 in prices of both Petrol & Diesel

— Dharmendra Pradhan (@dpradhanbjp) October 4, 2018