Additionally, oil companies are to be asked to absorb another Re 1 per litre. Together, these price reductions would add up to Rs 2.50 a litre — a significant relief at a time when rising fuel prices have been a cause for concern among the common man.
Finance Minister Arun Jaitley on Thursday said the excise duty cut would have an impact of Rs 105 billion on the central government's tax revenues.
He also said he would urge state governments to follow suit and cut sales tax or VAT by a similar amount.
The reduction followed petrol and diesel prices touching new highs.
In Delhi, where the fuel prices are the lowest among all metros and most state capitals, petrol is sold at Rs 84 a litre and diesel at Rs 75.45.
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