Petrol, Diesel Is Now Cheaper By Rs 5/Litre! Find Out How?

"The notification in this regard (giving a relief of Rs.2.50) will be issued today and prices will be applicable immediately afterwards", he said.

The government said on Thursday it was cutting petrol and diesel by 2.50 rupees per litre to help Indians struggling to pay fuel prices that had climbed on the back of a rise in global crude prices and a weakening rupee. "No Government can be insensitive towards its people", Jaitley added.

The move by the central and state governments will cost the exchequer a significant amount but will provide relief for consumers.

Another wondered: "Make me understand this: after fuel prices go up by Rs 20, they get cut by Rs 2 and we "celebrate"?" In Chennai, petrol and diesel prices climbed to Rs 84.89 and Rs 77.42 respectively. The announcement by states came after the Centre chose to reduce petrol and diesel prices by Rs 2.50 per litre on Thursday.

"Excise duty to be reduced by Rs 1.50 & OMCs will absorb Rs 1". The centre levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. This will give huge relief to common citizens.

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Jaitley said the move followed Brent crude oil touching four-year high of Dollars 86 a barrel Wednesday and interest rates in United States reaching seven-year high. "Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat".

"I am also writing to the states to make corresponding cuts in Value-Added Tax of equivalent amount so that consumers get Rs 5 relief in retail prices", he said. Fuel rates saw a marginal increase after excise duty cut by Centre, VAT reduction by BJP-ruled states and Re 1 price cut by oil marketing companies coming into effect.

Uttar Pradesh CM Yogi Adityanath said that the state government has also reduced the price.

Global oil prices still a major factor on how petrol and diesel are ultimately priced. At a time when the Goods and Services Tax (GST) collections have clearly not kept pace with expectations, GST revenue collection for September crossed Rs 94,000 crore falling short of the one lakh crore target per month set by the government. "Each and every state has their own situation [sic], so first, let the letter come". Diesel prices in the city however saw an effective decline of 70 paise, falling to Rs 76.75 per litre. "#FuelPriceCut", tweeted the CM.

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