Hours after Union Finance Minister Arun Jaitley announced a cut in the prices of petrol and diesel by Rs 2.50 per litre on Thursday, Chief Minister Yogi Adityanath declared an additional cut of Rs 2.50 per litre on both in the state.
“The government of India has taken a decision today where both petrol and diesel prices have been cut by Rs 2.50 per litre. Uttar Pradesh is one of the biggest states and hence, the consumption is more,” said Adityanath.
“Even though Uttar Pradesh has not put any additional tax on fuel for the past few years and fuel prices are lower here than many states, it is needed to give relief to the people of the state. It will be a great relief to farmers as well as youngsters as the prices of petrol and diesel would be cut by Rs 5 each,” he added.
The announcement would mean an annual burden of Rs 4,000 crore on the state exchequer, but that would be compensated through other revenue sources, the chief minister further said.
Thanking Prime Minister Narendra Modi, Adityanath said that after the cuts, the price of petrol in the state would be Rs 78.21 instead of Rs 83.21, and diesel would cost Rs 70.44 instead of Rs 75.44.
The Central government had announced the Rs 2.50 a litre cut factoring in excise duty reduction of Rs 1.50 per litre and asking oil companies to absorb another Re 1, said a PTI report.