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Facing widespread discontent over the steep rise in fuel prices in recent months, the Union government on Thursday bit the proverbial bullet and cut the excise duty on petroleum products by Rs 1.50 a litre with immediate effect. Additionally, state-owned oil marketing companies (OMCs) have reduced the prices by Rs 1 a litre. This is the first time in more than four years that prices of either petrol or diesel are being controlled.
Union Finance Minister Arun Jaitley said he was also writing to all states to effect a similar Rs 2.50 a litre cut in the value-added tax on
