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Meghalaya cuts diesel, petrol prices by Rs 2.50/litre
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SME Times News Bureau | 11 Oct, 2018
The Meghalaya government has reduced the prices of diesel and petrol by
Rs 2.50 per litre, Deputy Chief Minister Prestone Tynsong announced on
Tuesday.
"The cabinet has approved the proposal of the taxation
department to bring down the fuel prices in the state, in line with the
Central government's decision, from October 10 midnight," Tynsong told
journalists.
On October 4, the Centre cut petrol and diesel
prices by Rs 2.50 per litre by effecting an excise duty cut of Rs 1.50
per litre and asked the oil marketing companies to absorb another Re 1 a
litre.
However, with the state facing a financial-crunch, the
slashing of rates is set to put an extra burden on the state exchequer
dearly.
"By reducing the price of petrol and diesel by Rs 2.50
per litre, the state government will incur an extra expenditure of Rs 15
crore yearly," the Deputy Chief Minister said.
To offset the
additional load, Tynsong said, the government has directed its
revenue-generating departments to find out ways and means to generate
additional resources.
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