After reducing the petrol prices, the Maharashtra government will cut the diesel prices by Rs 1.56 per litre, Chief Minister Devendra Fadnavis said in a tweet.
► Tripura government has also slashed the prices of fuel.
Mr Jaitley said that since states taxes on petrol and diesel was on ad valorem basis, they will only have to forego additional revenue which came after oil prices had started rising.
Following Centre's move, Maharashtra government has also announced a Rs 2.5 reduction on the petrol. He added that the last time that the Centre asked states to provide relief to the common man "only BJP or NDA allies-led states" did that.
Union finance minister Arun Jaitley said that cut in fuel prices was a good economics as it will increase the purchasing power of consumer without hitting the fiscal deficit target.
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The price of petrol in Delhi on Friday (Oct 5) was Rs 81.50 per litre while in Mumbai it was Rs 86.97. But growing public anger over surging fuel prices has caught the attention of the government.
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. "The government has cut down borrowing this year by Rs 70,000 crore".
The shares of Indian oil marketing companies sank after the announcement, with Indian Oil Stocks down by 18.24 percent, HPCL stocks tumbled by 22 percent and BPCL stocks declined by 19 percent. After you announced Rs 5/litre, implement it instead of giving just Rs 4.37/litre...
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. The total price cut in these states is now Rs 5 per litre. "Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat". But with a weakening rupee, it will likely have fewer options in the form of import-related tax cuts. Delhi charges a Value-Added Tax of 27 per cent on petrol and 17.24 per cent on diesel.
Jaitley said the impact of the excise duty cut on the Centre's revenues would be about Rs 21,000 crore in a full year and Rs 10,500 crore in the remainder of the current financial year.
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