04 Oct, 2018 3:41p.m.

Petrol, Diesel prices cut by Rs 2.50

Finance Minister Arun Jaitley on Thursday announced that the petrol and diesel prices will be cut down by Rs 2.50.

The excise duty will be reduced by Rs 1.50 and the Oil Marketing Companies (OMCs) will absorb one rupee. “Oil marketing companies will absorb Rs 1 from the central government cut on 2.50 relief on petrol and diesel,” Jaitley said in a press conference on Thursday afternoon.

He has urged the state governments to cut the VAT on fuel by an equal amount. Jaitley said that the cut won't impact the revenues as the tax base has increased.

Latest in Important News
Latest in Other News Sections
Budget 2019 expectations : IT exemption limit likely to be hiked to Rs 5 lakh 🕑 17 Jan,19 9:29p.m.
Researchers develop plants that can remove cancer-causing pollutants 🕑 27 Dec,18 12:59p.m.
6 months of aerobic exercise reverses brain ageing by 9 years 🕑 24 Dec,18 2:31p.m.
All you need to know about NPS changed withdrawal norms 🕑 24 Dec,18 11:47a.m.
Scientists succeed in destroying HIV-infected cells 🕑 22 Dec,18 10:22p.m.
Johnson and Johnson talcum powder samples seized across country for testing 🕑 19 Dec,18 1:26p.m.
Govt. for levy on petrol and diesel cars to push to push e-vehicles 🕑 19 Dec,18 1:20p.m.
Tax changes in 2018 that will affect you 🕑 19 Dec,18 1:09p.m.
Google maps now shows auto-rickshaw routes with estimated fares 🕑 19 Dec,18 11:53a.m.
WhatsApp picture-in-picture mode now available for all Android users 🕑 19 Dec,18 11:07a.m.