10 Major Points: Big relief for Aam Aadmi, Jaitley assures major cut in petrol prices

New Delhi, News24 Bureau, Oct 4: Finally, a big announcement has come from the Finance Minister of India Arun Jaitley. The government has assured cut in petrol, diesel prices by Rs 2.50 and if the states match this cut, which the center has asked the states to do, then the Aam Aadmi will get a relief of Rs 5 on fuel prices. This comes to a major relief. A very big announcement was expected by Finance Minister Arun Jaitley. Seeing the fuel prices going out of control and berserk, it was expected that the FM will announce something related to the rising fuel prices. All eyes were on FM Arun Jaitley as the common man has been reeling under the burden of price rise. FM has addressed the nation at an opportune time. Fuel prices rising, gold prices getting out of control, Rupee falling; it is a real panicky situation. "Several macroeconomic data is indicating stable measures. The first quarterly results have shown an 8.2% growth. Inflation is still moderate less than 4%, said Finance Minister Arun Jaitley.A much-needed and much-awaited relief to consumers as the government today announced a reduction in excise duty on fuel.Excise duty to be reduced by Rs.1.50 and oil marketing companies will absorb 1 rupee. So, a total of Rs 2.50 will be reduced on both diesel and petrol, the Finance Minister Arun Jaitley, announced today. The finance minister has also urged the state governments to reduce VAT or value added tax on petrol and diesel, to bring further relief to customers.Here are the MAJOR highlights of the crucial press brief by FM Arun Jaitley:1. 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:  Finance Minister Arun Jaitley2. We are writing to the state governments that as the central govt is cutting Rs 2.50 on both petrol & diesel, they do the same3. "Rs 10,500 Crore will be the impact of excise duty cut this year. Several macroeconomic data is indicating stable measures. The first quarterly results have shown an 8.2% growth. Inflation is still moderate less than 4%," Jailtey said.4. The first quarterly results have shown an 8.2% growth. Inflation is still moderate less than 4%5.  Expect Rs 5 cut in petrol, diesel prices likely in many states6. Center asks states to match Rs 2.50 cut. Total Rs 2.50 relief on fuel prices by Centre. Rs 1 cut in prices by oil companies7. Excise duty on fuel cut by Rs 1.50. Global crude Oil prices rising at an alarming rate8. Have cut down government borrowing. Have made announcements restricting imports9. Markets are in Red. India's domestic indicators are strong10. USA increasing interest rates. All these are having an impact on the market