A high-level meeting convened by the Prime Minister Narendra Modi has made a decision to reduce the Excise Duty by 1.50 Rupees.
BJP chief Amit Shah was closeted with three senior ministers on Wednesday and discussed the need for cutting fuel prices, sources said.
Added with the Centre's cut, the total reduction calculates to Rs 5.02 on petrol and Rs 5.05 on diesel per litre in Bihar.
► Jharkhand CM Raghubir Das said: The state government has also chose to give an additional relief of Rs 2.5/litre on diesel in the state.
Notably, petrol prices increased by at least Rs. 25/litre this year, ten times the reduction announced by Jaitely.
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The price of petrol in Delhi on Friday (Oct 5) was Rs 81.50 per litre while in Mumbai it was Rs 86.97.
Jaitley, however, said asking oil companies to bear a part some burden is not going back on deregulation. But analysts said the announcement on Thursday shows there is still a heavy government hand in the industry.
In the first fortnight of December 2017, before Gujarat went to polls, state-owned fuel retailers cut prices by 1 paisa to 3 paise every day. "Both petrol-diesel prices must be brought under GST immediately", Chavan said. But the hike in duties had helped the government more than double its excise collections from petro goods from Rs 99,184 crore in 2014-15 to Rs 229,019 crore in 2017-18. As a measure to curb the growing menace, the government has finally stepped in by trimming down the excise duty on fuel prices to bring in relief to the end users.
The Finance Minister said, the prices of crude oil and domestic developments in the U.S. have impacted the economies across the world.
Jaitley was still speaking as of last updating this report. This means that petrol will continue to be expensive in Delhi.
Finance Minister Arun Jaitley said the excise duty cut would have an impact of Rs 10,500 crore on central government's tax revenues.