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Petrol, diesel rates: On Wednesday, Brent hit its highest price since late 2014, at $86.74. In Mumbai, petrol rates had breached Rs 90 per litre.

Petrol rate is the highest in Mumbai and diesel rate is the highest in Chennai.

The Communist Party of India- Marxist (CPI-M) led Left Democratic Front government in Kerala on Thursday, 4 October ruled out slashing the cess on petrol and diesel to match the Centre's announcement in fuel price cut. Maharashtra announced an Rs 3.2 cut in petrol price, but a decision on diesel is still pending.

Finance Minister Arun Jaitley on Thursday cut petrol and diesel prices by Rs 2.50 per litre with immediate effect, providing some relief from rising fuel prices.

The Centre also challenged non-BJP ruled states "whose leaders were only tweeting and indulging in lip sympathy" to too cut Value-Added Tax on the fuel so that consumer gets a bigger relief. 1 drop by oil marketing companies, taking the cut in fuel prices to Rs. 2.50. We welcome this decision and thank Prime Minister Narendra Modi on behalf of the people and BJP workers.

The Minister expressed confidence about meeting the fiscal deficit target despite the excise duty cut, saying increased revenue collections would absorb the impact of the cuts.

Gujarat CM Vijay Rupani said: "Finance Minister Sh @arunjaitley Ji has announced Rs.2.5 cuts in petrol & diesel prices, reciprocating positively to FM's announcement, the Govt Of Gujarat has also chose to reduce Rs.2.50 on both petrol & diesel".

Nayara, Reliance and smaller private rival Shell together own around 6,000 fuel retail outlets, compared to the 55,000 outlets operated by state firms.

The cuts will cost the Centre Rs 10,500 crore in tax revenues, he said.

Congress spokesperson Randeep Singh Surjewala said the whole exercise was a hoax since the Modi government had raised duties on petrol by 211 per cent and diesel by 443 per cent during its four years in office.

Uttar Pradesh CM Yogi Adityanath said that the state government has also reduced the price.