The Union Cabinet on Saturday decided to deregulate price of diesel, linking it to global market prices.
As a result, diesel price will be cut by Rs 3.37 per litre effective midnight tonight in Delhi.
The reduction would vary in other states depending on the state taxes.
The Cabinet also approved new gas price formula to be applicable from November 1, finance minister Arun Jaitley announced.
Gas prices will be revised on half yearly basis — on April 1 and October 1 every year, he said.
New gas price from November 1 will be $5.61 per unit, according to the finance minister.
Arun Jaitley announced that gas price will be implemented prospectively.
Finance minsiter also announced Cabinet's decision to relaunch the direct benefit transfer scheme in more effective manner.
As a result, diesel price will be cut by Rs 3.37 per litre effective midnight tonight in Delhi.
The reduction would vary in other states depending on the state taxes.
The Cabinet also approved new gas price formula to be applicable from November 1, finance minister Arun Jaitley announced.
Gas prices will be revised on half yearly basis — on April 1 and October 1 every year, he said.
New gas price from November 1 will be $5.61 per unit, according to the finance minister.
Arun Jaitley announced that gas price will be implemented prospectively.
Finance minsiter also announced Cabinet's decision to relaunch the direct benefit transfer scheme in more effective manner.
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