Srinagar: In a significant decision which would give major relief to the people, the Petrol and Diesel prices in Jammu and Kashmir have been slashed by Rs 5 per litre.

The State Government this evening announced matching cut of Rs 2.50 in the fuel prices commensurate with the price slash of Rs 2.50, announced by the Central Government earlier today taking the total succor to Rs 5 per litre in J&K.

The new fuel prices would be effective in the state from this midnight, an official spokesman said.

“In exercise of the powers conferred by Section-3 of J&K Motor Spirit and Diesel Oil (Taxation of Sale) Act-2005 and in supersession of SRO-230 dated: 21-07-2015 the Government hereby directs rate of tax on motor spirit and diesel shall be levied as sale price of motor spirit per litre plus 24% tax minus Rs 2.50 per litre for Motor Spirit and sale price of diesel per litre plus 16% tax minus Rs 2.50 per litre for diesel,” said a notification issued by Principal Secretary Finance, Navin K Choudhary.

He said this tax cut would result in cumulative slicing of petrol and diesel prices in the State by Rs 5 per litreas the Central Government has already announced Rs 2.50 per litre step-down in fuel prices including excise duty cut of Rs 1.5 per litreand Rs 1 per litrecut to be absorbed by the oil marketing companies.

Pertinently, Union Finance Minister, Arun Jaitley Thursday announced a cut of Rs 2.50 per litre in petrol and diesel prices. He urged the state governments to cut the VAT on fuel by an equal amount so that the fuel prices go down by Rs 5 per litre.

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