Petrol down by Rs 4.37/litre, Maharashtra to cut diesel rates: CM

Arun Jaitley announces Rs 2.5 per litre cut in fuel prices

The price of petrol in Delhi on Friday (Oct 5) was Rs 81.50 per litre while in Mumbai it was Rs 86.97.

The Central government will bear a revenue loss of around Rs 10,500 crore due to today's cut in excise duty on petrol and diesel prices. 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. Petrol prices were regulated until 2012, while diesel prices remained so until 2014. Gujarat government reduced petrol and diesel prices by Rs 2.50 per litre, while Maharashtra lowered petrol price by 2.50 per litre.

Thanking Prime Minister Narendra Modi and Union Finance Minister Arun Jaitley, Fadnavis said the reduction in fuel prices will give a huge relief to citizens.

At long last, the prices of petrol and diesel are all set to come down by around Rs 3 in the city, with the Central government cutting down excise duty on petrol and diesel by Rs 1.50 and also asking oil companies to slash the prices by another Re 1.

The reduction followed petrol and diesel prices touching new highs.

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In eight BJP-ruled states that have cut the value-added tax, the benefit to consumers could go up to Rs 5 a litre.

The Finance Minister said, the prices of crude oil and domestic developments in the U.S. have impacted the economies across the world.

Finance Minister Arun Jaitley has taken a swipe at the opposition over its math on runaway fuel price rise. Oil prices were on freeze for 19 days during the Karnataka Assembly polls in May this year despite a spike in worldwide crude prices. This means that petrol will continue to be expensive in Delhi. Global crude oil prices are linked to geopolity, fluctuation in the exchange rate as well as the tax structure of respective states and the Centre. After you announced Rs 5/litre, implement it instead of giving just Rs 4.37/litre...

The shares of Indian oil marketing companies sank after the announcement, with Indian Oil Stocks down by 18.24 percent, HPCL stocks tumbled by 22 percent and BPCL stocks declined by 19 percent.

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