• Thursday, August 11, 2022

Business

India Cuts Retail Petrol, Diesel Prices By Rs 2.50 Amid Rising Crude Oil Prices

India cut the retail prices of petrol and diesel by Rs 2.50 per liter, finance minister Arun Jaitley said. (Photo: DIBYANGSHU SARKAR/AFP/Getty Images).

By: Radhakrishna N S

In a bid to reduce the impact of persisting bullish crude oil prices on the Indian economy, India cut the retail prices of petrol and diesel by Rs 2.50 per liter, country’s finance minister Arun Jaitley said on Thursday (4). The decrease in the fuel prices is a result of a reduction in the excise duty of Rs 1.50 per litre with crude oil companies taking an income hit of one rupee a litre, the minister added. Jaitley noted that the excise duty cut would have an impact of Rs 105 billion on federal government’s tax revenues. The finance minister…

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