The government has announced a relief of Rs 2.50 on petrol and diesel at a time when the Brent crude has touched $86 per barrel and there is uncertanity in the international crude oil market.
Announcing the decision, Finance Minister Arun Jaitley said that the Centre will cut Rs 1.50 in excise duty on fuel while an additional Re 1 will be absorbed by the Oil Marketing Companies.
Besides, he also urged the state governments to cut the VAT on fuel by an equal amount. Jaitley said that fiscal deficit is under no threat from the move and the government is confident of achieving the target. States had already started making profit of over Rs 7 per litre when fuel prices crossed $80 per barrel. Read More
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