Finance minister Arun Jaitley: Rs 1.50 deducted on excise duty

In a major relief to citizens across the country, Union Finance Minister Arun Jaitley on Thursday announced a cut of Rs 1.50 in excise duty for both petrol and diesel. Jaitley said the Oil Marketing Companies (OMCs) will further absorb Re 1 on the fuels, leading a total price cut of Rs 2.50 on both petrol and diesel. Consumers have been struggling with persistent surge in fuel prices since mid-August.