Govt cuts excise responsibility on gasoline by Rs 1.50; OMCs to soak up Re 1

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Finance Minister Arun Jaitley has introduced an reduce on excise responsibility levied on gasoline costs by Rs 1.50, including that oil advertising and marketing corporations (OMCs) will soak up one other Rs 1 in price, bringing the entire profit to customers to Rs 2.50.

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The announcement comes after gasoline costs have been constantly hitting file highs since mid-August. As of October 4, petrol costs jumped 14 paise to Rs 91.34 per litre in Mumbai.

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Jaitley attributed the value hike to worldwide elements,…

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