LIVE UPDATES: Arun Jaitley provides relief of Rs. 2.50 on fuel prices

Chennai, October 4:  The Indian Finance Minister, Arun Jaitley held a press conference regarding the hike in fuel prices. He informed about the immediate relief of consolidated Rs. 2.50  for the consumers. The price cut, Jaitley said, would be borne by the revenue department of the central government and the OMCs (Oil Marketing Companies).

He also appealed to the state governments to follow the suit and provide further relief to the consumers. The briefing was held after Finance Minister’s meeting with the Oil Secterary, Kapil Dev Tripathi.

15: 11: The crucial briefing by Arun Jaitley commences.

15: 12: He starts with mentioning the prices of fuel at 86 dollars which is the highest in the last four years.

15: 16: There has been a significant impact on global markets on account of uncertainty surrounding IL&FS (Infrastructure Leasing and Financial Services). The government has replaced the board heading it.

15: 20: The Finance Ministry and Ministry of Petroleum have taken steps to stop government borrowing to increase domestic power, to become financially independent.

15: 22:  He added that to provide relief to the consumers the government will cut down excise duty by Rs. 1.50 and this will be absorbed by the revenue department, and an additional Rs. 1 will be absorbed by the OMCs (Oil Marketing Companies). He also said that the central government will be asking the state governments to cut down on the excise duties by Rs 2.50 percent as well. As of now, there will be 2.50 rupees relief on the prices of fuel.

15:25: When the notification will be issued on government and oil marketing companies, it will be applicable immediately.

15: 32: He said that the uncertainty in the global markets like Iran and OPEC nations will continue for quite some time. He added that the citizens need to know that international prices of crude oil will have an effect on the economy of importing nations like India. It yet remains to be seen how the negative effect on the Indian rupee can be controlled.

15:38: The press conference comes to a close after a Q/A session.

16:00: Maharashtra and Gujarat state governments swing into action, cutting down the excise duties on fuel prices by Rs. 5.