Meghalaya announces additional cut in fuel prices by Rs 2.5

Shillong (Meghalaya) [India], Oct 10 (ANI): The Congress-led Meghalaya government on Wednesday announced a cut down in the prices of petrol and diesel by Rs 2.5 each, to be in effect from October 11.
Deputy Chief Minister Prestone Tynsong confirmed the cut down in sky-rocketing prices after a cabinet meeting here, saying the cabinet had approved a proposal to introduce a rebate on the price of motor spirits, petrol and diesel, in line with the decision of the Central government.
He said it was a "bold" decision taken by the state government considering the fact that the cut will imply a loss of Rs 15 crore to the state's exchequer annually. The Deputy Chief Minister, however, informed that the state government has instructed revenue generating departments like Excise, Registration and Taxation, Forest and Mining department to raise tax collection to make up for the same.
This comes after the union government had on October 4 announced a cut of Rs 2.50 per litre on both petrol and diesel rates after curbing excise duty on the commodity by Rs 1.50 per litre. While making the announcement, Union Minister of Finance Arun Jaitley had also recommended respective state governments to slash rates by a further Rs 2.5 to make fuel cheaper by Rs 5.
Several states including Gujarat, Chhattisgarh, Madhya Pradesh, Uttar Pradesh, Tripura, Jammu and Kashmir, Himachal Pradesh, Assam, Rajasthan Jharkhand and Goa followed suit to make fuel cheaper by five rupees.
Maharashtra provided an additional concession of Rs 1.56 per litre on diesel and Rs 2.50 per litre on petrol, while Bihar had announced an additional cut of Rs 2.52 per litre on petrol and Rs 2.55 per litre on diesel price other than the Centre's waiver. (ANI)