Petrol, diesel prices fall across the country on friday, OMCs’ shares tank


Petrol, diesel prices fall across the country on friday, OMCs’ shares tank

Petrol, diesel prices fell across the country on Friday with the government announcing a Rs 2.50 cut in the prices of both the fuels. Fuel prices in 12 states fell by Rs 5 per litre as the state governments agreed to cut a further Rs 2.50 per litre by reducing value-added tax (VAT) on the fuels.

Finance Minister Arun Jaitley on Thursday announced a Rs 2.50 per litre cut in fuel prices and appealed various states to reduce VAT on both petrol and diesel.

Jaitley said, “Excise duty will be reduced by Rs 1.50 and Oil Marketing Companies (OMCs) will absorb Rs 1. 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.” Read More

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