Finance Minister Arun Jaitley today announced a total price cut of 2.50 Rs for one-litre petrol. The cut includes an excise duty reduction of one rupee 50 paise and the remaining one rupee will be reduced by the OMCs, the minister announced. During the announcement, the Finance Minister stated that he expects the state governments to also decrease an equivalent amount so that the prices shall be reduced by a total of 5 Rs. BJP-ruled states went on a frenzy with Chief Ministers and Ministers praising the move and immediately cutting another 2.5 Rs as directed by Arun Jaitley. However, the opposition called the move a gimmick to woo the voters in the poll-bound states of MP, Chattisgarh and Rajasthan.
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