Petrol diesel prices come down: Check todays fuel prices here

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"We are now working out a formula to bring down the diesel prices by at least Rs 4/litre". The governments of Maharashtra, Gujarat, Chhattisgarh, Jharkhand and Uttar Pradesh - all under the rule of the Bharatiya Janata Party - have already said they will do so. We welcome this decision and thank Prime Minister Narendra Modi on behalf of the people and BJP workers.

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan, who is in Bhubaneswar at present, requested Odisha Chief Minister Naveen Patnaik to cut taxes on fuel, ANI reported.

Himachal Pradesh CM Jai Ram Thakur said that the state government has also made a decision to give an additional relief of ₹2.5/litre on petrol and diesel to give a total benefit of ₹5/litre in the state.

Kerala Finance Minister Thomas Isaac however, said his government would not cut fuel prices, News18 reported. Since petroleum prices have been de-regularised, increase in global crude prices result in an immediate increased in local prices.

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Jaitley said it will be a test for those states whose leaders were only tweeting and indulging in lip sympathy. Their prices are likely to come down to below Rs 85 a litre and Rs 80 a litre respectively on Friday.

Indian Oil Corporation (IOC), reduced the price of petrol by Rs 2.50 in the national capital to Rs 81.50 per litre on Friday.

In the process, the Modi government also scored an own goal against its pet theme of simultaneous polls as some citizens prayed for "an election a month or a week" to keep prices down.

In a boost to oil companies, the Reserve Bank of India (RBI) on Wednesday eased the overseas borrowing norms by up to $10 billion. Fuel prices are revised by oil marketing companies on daily basis. Of this, IOC's share would be roughly half and the rest split equally between HPCL and BPCL. Global fuel prices, however, have been on the rise with the worldwide benchmark Brent crude nearing a four-year high of $86 per barrel earlier this week.

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Mr Jaitley expressed hope that the states will reduce state tax on fuel along with centre's move. Rising crude oil prices, and weakening of Rupee against the Dollar is seen as the major reason for this increase in price of petrol and diesel.

Excise duty to be reduced by Rs.1.50 & OMCs will absorb 1 rupee. Why the state government is not reducing its Value-Added Tax?

The year 2015-16 and 2016-17 was the best in terms of revenue generation from oil for the central government. Any further revenue loss, however, could widen the fiscal deficit.

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