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.
An Institute for Supply Management survey published this week showed robust employment gains in the services sector in September. The dollar.DXY was little changed against a basket of currencies, while stocks on Wall Street were trading lower.
Some critics saw antisemitic overtones in Trump's tweet referencing George Soros , a billionaire liberal activist who is Jewish. The accusations came just ahead of a procedural vote in the Senate on Kavanaugh, who has been accused of sexual misconduct.
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For us, each match is very important to show us and for them to take responsibility, take confidence and take rhythm. One such player is Jack Wilshere, whose Arsenal career was cruelly decimated by injury.
Today more news has come out in regards to the continuation of Clementine's story, as well as the state of the company. It did, however, keep on a skeleton staff of 25 people that were said to be staying on for the "foreseeable" future.
Senate Minority Leader Chuck Schumer said those issues raised serious doubts about Kavanaugh and his qualifications. She said would announce later in the day whether she would support him in the final ballot.
They were named by the MIVD as hackers Alexei Morenetz and Yevgeny Serebriakov, and support agents Oleg Sotnikov and Alexei Minin. The four men, who arrived on diplomatic passports and were met by a Russian embassy employee, were ejected from the Netherlands .
The next wicket turned out to be a frustrating affair for the tourists, while it was hilarious for Kohli and his boys. Scared of this backfiring terribly, his teammates had to yell at him so that he doesn't miss the runout's chance.
But it would keep the former North American Free Trade Agreement dispute-resolution process that the USA wanted to jettison. Trump said last week he didn't like Canada's trade negotiator, in an apparent reference to Freeland.
The couple were married for nearly three years and started dating while Farley was filming the original Jersey Shore . " According to Fox News , JWoww ", 32, filed for divorce earlier this month citing "irreconciable differences".
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