Given a big relief to netizens as Fuel price cut by Rs 2.50 announced Finance minister Arun Jaitley while addressing media over historic hike in fuel prices. He added that the state governments will be asked for same that as the central government is cutting Rs 2.50 on both petrol & diesel.

He announced that excise duty to be reduced by Rs.1.50 & OMCs will absorb 1 rupee. So, a total of Rs.2.50 will be reduced on both diesel and petrol. With this Rs 10,500 Crore will be the impact of excise duty cut this year.

He said, “World crude oil prices are at all-timeime high”.Resolution of IL&FS issue has impacted the market, observed Jaitley assuring that Center government is taking a large number of steps to curb prices of petroleum products.

Jaitley said that there is a significant impact on stock market and currency market due to rise of crude oil prices .

FM said that the US has increased the interest rate, which has an impact the currency market fluctuations. Several steps have already been taken. Inflation is under control and is less than 4 percent. In the last quarter, GDP grew at 8.2 percent.

Earlier, Finance Minister Jaitley also met the oil secretary. Considering the rising prices of petrol and diesel, the government is taking consideration on options to prevent adverse effects on its economy. According to sources, Finance Minister Arun Jaitley has met Petroleum Minister Dharmendra Pradhan in this regard on Wednesday evening.