Announcing the decision, Finance Minister Arun Jaitley asked the state governments to match the move with a similar reduction in sales tax or VAT.
Announcing the much sought-after relief, Finance Minister Arun Jaitley told a press conference that the cut will be effected through slashing of excise duty to the tune of Rs.1.50 per litre while the oil marketing companies (OMCs) will absorb the impact to the tune of Re one.
He also took a swipe at the previous Congress-led government at the Centre, saying it had "pawned" national resources by issuing oil bonds while the Narendra Modi government showed its sensitivity by reducing the prices.
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Jaitley said the decision to give relief to consumers was necessitated by the uncertainty regarding the worldwide oil prices and was made possible by better-than-expected revenue collections. Since petroleum prices have been de-regularised, increase in global crude prices result in an immediate increased in local prices.
Additionally, oil companies are to be asked to absorb another Re 1 per litre.
Following the Centre's announcement, BJP-ruled Maharashtra and Gujarat - which are among the highest taxing state, announced Rs 2.50 per litre reduction in the Value-Added Tax.
Mr Jaitley also said, the government has cut down borrowing by 70 thousand crore rupees and has allowed the oil companies to raise 10 billion dollars through bonds. Fuel prices are not uniform across the country due to variable state taxes.
The Government will request state governments to cut down, he said.
Petrol prices were Thursday hiked by 15 paise a litre and diesel by 20 paise, according to price notification of state-owned oil firms. In Mumbai, petrol rates had breached Rs 90 per litre. Diesel prices in Chennai increased by 22 paise to Rs 79.79 a litre and by 20 paise to Rs 77.30 per litre in Kolkata. "Inflation is still moderate less than 4 per cent", Jaitley added.
"The impact will be about Rs 21,000 crore for the full fiscal".
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AP/Richard DrewGeneral Electric Chairman & CEO John Flannery is interviewed on the floor of the New York Stock Exchange. Thomas Horton, the former CEO of American Airlines who also joined GE's board this year, was named lead director.
If his nomination clears the panel, it must win confirmation from the full Senate, which Republicans narrowly control 51-49. Judge is a boyhood friend of Kavanaugh who has written a book describing the debauchary of his high school years.
Kavanaugh has denied the allegations against him. "I think it's going to be a very very important day in our country", Trump said. But he'll be watching the hearings and looks forward to hearing from Ford, he said , "and you know what, I could be persuaded ".
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