In a tweet he said, "Madhya Pradesh has also reduced VAT [Value Added Tax] on fuel as a result of which the people will get a relief of Rs 5".
Several Opposition leaders, however, mocked the reduction in prices that Jaitley announced at a press conference on Thursday afternoon.
All the cuts will be effective from midnight, as clarified by Dr. Hasmukh Adhia, finance secretary.
In New Delhi, petrol prices rose by 15 paise to Rs 84 a litre while diesel prices increased by 20 paise to Rs 75.45 per litre.
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Shares of oil marketing companies fell after finance minister Arun Jaitley said that the government has asked the companies to absorb Re 1 cut on fuel prices. "We are happy to reduce prices of fuel as much as announced by the Centre", Kesarkar said.
The strong USA economy added with the mighty dollar has widened the current account deficit of India and it has also impacted significantly on the emerging markets across the globe.
Petrol prices on Thursday touched an all-time high of Rs 91.34 per litre in Mumbai.
Kerala finance minister TM Thomas Issac said the Centre has reduced its tax on petrol by Rs 1.50 per litre after hiking it by Rs 9.
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Jaitley said that in addition to excise duty being cut by Rs 1.5 per litre, oil marketing companies would also take a hit of Re 1 per litre as well.
He said on May 16, 2014, the price of crude oil was United States dollars 107.09 per barrel and the present price of global crude is USD 86 per barrel, with the average crude price during 52 months of Modi government being USD 58 per barrel, almost 45 pc less than the UPA tenure. "UP Govt has also made a decision to give additional relief of Rs. 2.50 per litre on the prices of petrol & diesel", said CM Yogi Adityanath. Fuel prices are not uniform across the country due to variable state taxes.
The RBI said that the state-owned oil companies can raise external commercial borrowings (ECBs) for working capital with minimum average maturity of 3-5 years and they don't have to mandatorily hedge all ECBs.
Before the reduction, Mumbai had the highest Value-Added Tax of 39.12 per cent on petrol, while Telangana levies the highest Value-Added Tax of 26 per cent on diesel.
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"Since May 2014, Modi Government has fleeced and duped the common people by draconian taxation of Rs 13 lakh crore".