Union Minister Arun Jaitley announces ₹2.5 cut in fuel prices; Maharashtra government follows

Finance Minister Arun Jaitley after announcing the reduction in petrol and diesel prices asked the state governments to announce another cut by ₹2.5 in fuel prices by applying tax cut

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After Union Minister Arun Jaitley on Thursday announced that petrol and diesel will be sold cheaper by ₹2.5, Maharashtra Chief Minister Devendra Fadnavis also announced the reduction in fuel prices by another ₹2.5. After the tax cut of state and centre, both petrol and diesel will be cheaper by ₹5 in Maharashtra.

Earlier, many protests were organised against the failure of the Modi government for not being able to regulate fuel prices. Reacting to the protests, Union Minister Ravi Shankar Prasad said that it is not in their hands to control the hike in fuel prices which further escalated the anger among the opposition parties and citizens. 

For the last two months in Mumbai, the petrol prices have increased by ₹7.44 per litre and diesel by ₹7.89 per litre. On August 1, the petrol in Mumbai was being sold at ₹86.09 per litre and diesel at ₹72 per litre. However, on September 1, the petrol prices were increased to ₹86.09 per litre and diesel was priced at ₹74.76 per litre. During September, the Petrol prices crossed the ₹90 mark in Maharashtra.

Mumbaikars bought petrol ₹91.34 per litre on Thursday and diesel is being sold at ₹80.10. This move will cut the government’s revenue by ₹10,500 crore. These new rates will apply from Thursday midnight across Maharashtra.

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