New Delhi, October 5: With the government making a big relieving announcement of fuel price cut appealing the states to follow the suite, many states immediately slashed prices of petrol and diesel. As Finance Minister Arun Jaitley made an announcement of slashing Rs 2.50 in fuel prices, states such as Maharashtra, Gujarat, Goa, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Himachal Pradesh and Assam also deducted the prices.
This price cut is in addition to the Central Government's decision to cut the prices of petrol and diesel by Rs 2.50 from midnight last night. This will result in a reduction of petrol and diesel prices by Rs 5 a litre.
Know how much your state charge will after the fuel price cut:
Finance Minister Arun Jaitely announced marginal relief for citizens from runaway fuel prices with oil duty cut of Rs. 1.50 and another Re 1 drop by oil marketing companies. He blamed rising crude oil prices in the international markets for the rise in fuel prices in India. The excise duty cut would dent the government's tax revenue by Rs. 10,500 crore, the finance minister said. Taxes on petrol and diesel, which account for more than a third of retail fuel prices, are one of the biggest sources of income for the government.