NEW DELHI -- India cut the retail prices of petrol and diesel by 2.50 rupees per liter ($0.03) on Thursday, to partly offset rising global crude prices and a weakening currency.
The price reduction was implemented with immediate effect. The government would absorb the 1.50 rupee per liter excise duty while oil marketing companies would bear the brunt of the reduction of another rupee per liter, Finance Minister Arun Jaitley said at a news conference.
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