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Arun Jaitley announces Rs 2.5 per litre cut in fuel prices

Arun Jaitley announces Rs 2.5 per litre cut in fuel prices

Since the government came to power in May 2014, it has used tax increases on petrol and diesel prices to raise funds for welfare programmes. This will reduce the overall price by about Rs 5.

Addressing mediapersons here, Congress spokesman Randeep Singh Surjewala called the cut "a panic reaction in the face of public anger" ahead of assembly polls in four states. According to reports, Karnataka Chief Minister HD Kumaraswamy said that the state government will not reduce prices anymore since it has already announced a rate cut.

In Delhi, where the fuel prices are the lowest among all metros and most state capital, petrol is sold at Rs 84 per litre and diesel at Rs 75.45. Finance minister Arun Jaitley is hoping that this cut would spur demand which would boost the economy. Fuel prices have been increasing steadily day by day, owing to the declining value of the Indian Rupee and volatile prices of crude.

Jaitley said it will be a test for those states whose leaders were only tweeting and indulging in lip sympathy.

Maharashtra, Gujarat and the other BJP ruled states were quick to hear him.

Pune: Petrol Rs 86.76 per litre; diesel Rs 76.06 per litre.

Shares in Indian Oil Corp, the country's biggest oil refiner, dropped 11.4 percent in reaction to the news.

After the minister's announcement, may states including Jharkhand, Gujarat and Chhattisgarh too announced a reduction in fuel prices.

Jaitley said the move followed Brent crude oil touching four-year high of Dollars 86 a barrel Wednesday and interest rates in United States reaching seven-year high.

Jaitley was still speaking as of last updating this report.

Nearly half of the fuel price is made up of taxes.

Global oil prices still a major factor on how petrol and diesel are ultimately priced. However, in Mumbai, the diesel have gone up by 7 paise only. The government has upped its ante and steps has been taken to cut down on the borrowing by Rs 70,000 crore and it has allowed OMCs to raise $10 billion. "We have to strike a fine balance among all aspects", Pradhan said in an interview to the magazine in June this year.

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