India’s Finance Minister says his government is cutting the prices of petrol and diesel by ₹2.50 across the nation with immediate effect.

How Much Has Petrol Price Been Cut By Indian Govt? & WHY?
How Much Has Petrol Price Been Cut By Indian Govt? & WHY?

India’s finance Minister Arun Jaitley has recently announced that the government of India is cutting the prices of petrol and diesel by ₹2.50 across the nation with immediate effect.

Reason behind the move.

While the excise duty has been reduced by ₹1.50, oil selling companies will take a ₹1 hit in their revenue, according to Finance Minister.

Mr. Jaitley blamed fluctuations in the global crude price Market for the regular rise in fuel prices in the country.

As on 31 March 2015, India had estimated crude oil reserves of approximately 763.48 million tonnes and natural gas reserves of approximately 1488.49 billion cubic meters.

India imports 82% of its oil requirements and aims to bring the figure down to 67% by 2022 by substituting it with local exploration, renewable energy and indigenous ethanol fuel.

India was the fourth top net Crude Oil importer of 163 Mt in 2015.