Sources said Modi gave his nod on Thursday morning after which Jaitley made the announcement that the Centre would cut excise duty by Rs 1.5 per litre of petrol and diesel, each, while oil marketing companies would reduce the prices by a rupee per litre.
The central government will bear a revenue loss of around Rs 10,500 crore due to today's cut in excise duty on petrol and diesel prices.
The 11 states which announced cuts in petrol and diesel prices are Maharshtra, Madhya Pradesh, Jharkhand, Chhattisgarh, Assam, Uttar Pradesh, Haryana, Jammu and Kashmir, Himachal Pradesh, Tripura, and Gujarat.
The government of India has finally pitched in to cut down the prices of fuel in India by cutting the excise on petrol and diesel. "The state did it before the central government did", he said.
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Fuel prices across the country have been scaling new heights everyday on the back of sustained depreciation of the rupee against the dollar and crude prices trading around its four-year high of $86 per barrel.
"The government's capacity to provide relief is only when domestic factors are strong", he said.
India stopped controlling petrol prices in 2010 and diesel prices in 2014, linking them to global crude markets in a bid to ease pressure on government finances and improve the earnings of oil refiners.
The Finance Minister said, the prices of crude oil and domestic developments in the United States have impacted the economies across the world.
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The company has also been criticised for its employment practices, with complaints over working conditions in its warehouses. The labour market is also tightening as the USA heads into the holiday season, which could naturally inflate wages.
Except the Current Account Deficit (CAD), which is directly linked to oil prices, all other data are encouraging, he said.
► Meanwhile, Karnataka CM HD Kumaraswamy said that they have already cut the price by Rs 2 last month.
The Minister also maintained that Thursday's decision does not represent a re-regulation of fuel prices.
Petrol, diesel price cut: Eleven states announced cuts in prices of petrol and diesel on Thursday.
"Even when the prices go up, the Centre receives a fixed amount per litre, whereas the revenue of states goes up".
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The crowd were fantastic and that's what we need tomorrow night. "Every player must feel they can win and achieve what we want". It was the Lionel MESSI show in London at Wembley as FC Barcelona won 4-2 against Mauricio POCHETTINO's Tottenham .
Thank you Hon PM @narendramodi ji and Union Minister @arunjaitley ji for reducing ₹2.50/litre on both Diesel and Petrol. He said the Kerala government wants the Centre to remove taxes on petrol and diesel that were imposed when the BJP-led government imposed in 2014 after coming to power.
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