Centre cuts excise duty on petrol, diesel; prices to drop by ₹9.5 and ₹7

Union finance minister Nirmala Sitharaman said the Centre will reduce the central excise duty on petrol by ₹8 per litre and on diesel by ₹6 per litre. 

The Centre has decided to reduce the central excise duty on petrol by ₹8 per litre and on diesel by ₹6 per litre, Union finance minister Nirmala Sitharaman said on Saturday. The move will reduce the price of petrol by ₹9.5 per litre and of diesel by ₹7 per litre, she added.“It will have a revenue implication of around ₹1 lakh crore per year for the government,” the finance minister said in a series of tweets.
7/12 We are reducing the Central excise duty on Petrol by ₹ 8 per litre and on Diesel by ₹ 6 per litre.This will reduce the price of petrol by ₹ 9.5 per litre and of Diesel by ₹ 7 per litre.It will have revenue implication of around ₹ 1 lakh crore/year for the government.— Nirmala Sitharaman (@nsitharaman) May 21, 2022
Sitharaman also urged state governments to implement a similar cut.“I wish to exhort all state governments, especially the states where reduction wasn’t done during the last round (November 2021), to also implement a similar cut and give relief to the common man,” she tweeted.

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