The shares of Indian oil marketing companies tumbled after Finance Minister announced the decision to cut down the fuel prices to the tune of Rs 2.50 per litre.
BJP chief Amit Shah was closeted with three senior ministers on Wednesday and discussed the need for cutting fuel prices, sources said.
In a surprise move, Govt. of India has announced that petrol and diesel prices will be now cheaper by Rs 2.5.
However, the diesel prices were left untouched yesterday by the state government, which said an assessment was being made on this front.
"For the reduction of Rs.1.56/litre in diesel prices, now don't squander Rs 1,500 crores in publicity, or people will be forced to shell out extra Rs. 10 to recover that", Munde added sarcastically.
Jaitley, however, said asking oil companies to bear a part some burden is not going back on deregulation. "This time if other state governments do not do it then people will ask them", he said.
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The price cuts would be effective from midnight tonight.
Nationalist Congress Party's Leader of Opposition in the Legislative Council Dhananjay Munde criticized the belated decision and reiterated that petrol-diesel must be brought under GST for providing genuine relief to the people. "The government has cut down borrowing this year by Rs 70,000 crore". Petrol prices were regulated until 2012, while diesel prices remained so until 2014. He urged the state governments to cut the Value-Added Tax on fuel by an equal amount so that the fuel prices go down by Rs 5 per litre.
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.
Thank you Hon PM @narendramodi ji and Union Minister @arunjaitley ji for reducing ₹2.50/litre on both Diesel and Petrol. This means that petrol will continue to be expensive in Delhi.