Rs. 2.50 cut in fuel prices; Centre, some states slash prices
Finance Minister Arun Jaitley today announced marginal relief for citizens from runaway fuel prices with excise duty cut of Rs. 1.50 and another Re 1 drop by oil marketing companies, taking the cut in fuel prices to Rs. 2.50. He urged that the states too should follow suit, by cutting Value Added Tax (VAT) on fuel by Rs. 2.50, so that the consumers will benefit by a total slash in fuel prices by Rs. 5. Already a cut in fuel charges is in place, in Andhra Pradesh (AP) and several other states.