Finance minister Arun Jaitley on Thursday announced a Rs 2.5 cut in per litre price of diesel and petrol and asked state governments to announce a matching reduction.
The minister said the Centre would reduce the tax rate by Rs 1.5 per litre while oil marketing companies would absorb the rest Re 1 per litre.
“This is perfectly good economics… we want consumers to spend money o]n other items also… to do it without impacting the fiscal deficit is surely good economics,” Jaitley announced after an inter-ministerial discussions with petroleum ministry. Read More
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