Meghalaya govt to cut fuel prices by Rs 2.50 a litre

The Meghalaya cabinet approved a proposal to reduce the price of petrol and diesel by Rs 2.50 a litre, a move that will cost the state Rs 15 crore annually, a top government official said.

"The cabinet is pleased to approve a proposal to introduce a rebate on the price of petrol and diesel by Rs 2.50 per litre with effect from tomorrow (October 11), also in line with the decision of the central government," Deputy Chief Minister Prestone Tynsong told.

The Centre on October 4 announced a Rs 2.50 per litre cut in petrol and diesel prices after it reduced excise duty by Rs 1.50 a litre.

Tynsong said it was a bold decision taken by the state government considering the cut will imply a loss of Rs 15 crore to the states exchequer annually.