October 04, 2018: The government has decided to cut Rs 2.50 per litre on both petrol and diesel.
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.
Addressing a press conference in New Delhi today, Finance Minister Arun Jaitley said the government will write to all states to cut a portion of their tax as well on petrol, diesel.
Mr Jaitley expressed hope that the states will reduce state tax on fuel along with centre’s move. He said, the centre has allowed oil companies to raise 10 billion dollars through bonds.
The Finance Minister said, the prices of crude oil and domestic developments in the US have impacted the economies across the world. He said, the inflation in the country is still less than 4 per cent. However, India’s domestic indicators are quite strong and stable.
Mr Jaitley also said, the government has cut down borrowing by 70 thousand crore rupees and has allowed the oil companies to raise 10 billion dollars through bonds. (AIR News)