J&K Govt Also Cuts Petrol & Diesel by Rs 2.50/Lt

BREAKING: Petrol & Diesel prices in JK have been slashed by Rs 5 per litre as the State Govt has announced matching cut of Rs 2.50 in fuel prices commensurate with price cut of Rs 2.50 announced by Central Govt earlier today. New fuel prices would be effective from this midnight.

Government cuts petrol, diesel prices by Rs 2.50 with immediate effect; asks states to follow suit

Finance minister Arun Jaitley said the union government is effecting a Rs 1.50 cut on excise duty on petrol and diesel

Furthermore, the government has asked oil manufacturing companies (OMCs) to absorb a deduction of Re 1 per litre on both Petrol Products

Concerned over the spike in fuel prices, the government on Thursday announced to cut excise duty on petrol and diesel by Rs 1.50 per litre. Briefing media on the revised excise duty, Finance Minister Arun Jaitley said that  Oil Marketing Companies (OMCs) will absorb Re 1 per litre on fuel.

Jaitley has urged the state to take the reduction excise duty forward. “Excise duty will be reduced by Rs 1.50 and OMCs will absorb 1 rupee. So, a total of Rs 2.50 will be reduced on both diesel and petrol. We are writing to the state governments that as the central government is cutting Rs 2.50 on both petrol and diesel, they do the same,” he added.

The finance minister said that the impact of excise duty cut this year will be Rs 10,500 crore.

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