Oil companies and Indian government come together to tackle rising fuel prices

With the unrelenting increase in fuel prices, the government on Thursday decided to effect a cut in the prices of petrol and diesel by Rs 2.50 per litre.

Finance Minister Arun Jaitley announced at a press conference that the cut will be effected through slashing of excise duty to the tune of Rs 1.50 per litre, while the oil marketing companies will absorb the impact to the tune of Re 1 per litre.