"The notification in this regard (giving a relief of Rs 2.50) will be issued today and prices will be applicable immediately afterwards," he said. Last month, the governments of Karnataka, West Bengal, Rajasthan and Andhra Pradesh cut taxes on petrol and diesel. Jaitley also said the revenue impact of the decision would amount to around Rs 10,500 crore for the rest of the fiscal, which amounts to "only 0.05 per cent of the fiscal deficit".

The minister expressed confidence about meeting the fiscal deficit target despite the excise duty cut, saying increased revenue collections would absorb the impact of the cuts. "The government's aim is to give relief to the consumer by increasing their purchasing power without impacting the fiscal deficit," he said.

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Fuel cheaper by Rs 5 in Madhya Pradesh
Petrol and diesel will be cheaper by Rs 5 per litre in MP from midnight as the Central government on Thursday announced reduction by Rs 2.50 each. "Both petrol and diesel are now cheaper by Rs 5 in MP," MP Finance Minister Jayant Mallaiyya said.

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