Govt decides to cut petrol, diesel prices by Rs 2.50; Jaitley says, move will not impact fiscal deficit

The government has decided to cut Rs 2.50 per litre on both petrol and diesel.  Out of this, the oil marketing companies will absorb one rupee per litre and Excise duty on petrol, diesel to be cut by one rupee 50 paise. Addressing a press conference in New Delhi today, Finance Minister Arun Jaitley said the government will write to all states to cut a portion of their tax as well on petrol, diesel.  Mr Jaitley expressed hope that the states will reduce state tax on fuel along with centre&apo...