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India cuts fuel tax, refinery prices to ease pain of rising crude, weak rupee

NEW DELHI: India is cutting prices of petrol and diesel by 2.50 rupees ($0.03) a litre, Finance Minister Arun Jaitley said on Thursday, the government’s latest step to tackle the impact of a sharp rise in crude oil prices and a weak local currency. The cut includes a reduction in excise duty of 1.50 rupees per litre, which will reduce government revenue by 105 billion rupees, Jaitley said. State-run refiners will also cut the price they charge by 1 rupee per litre. Jaitley also asked state governments to cut value…