Petrol And Diesel Prices Plunge As Modi Government Cuts Excise Duty

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Petrol And Diesel Prices Plunge As Modi Government Cuts Excise Duty

| Updated: May 21, 2022 21:17

The Union Finance Minister Nirmala Sitaraman announced that the Centre would reduce the central excise duty on petrol and diesel. As per the FM, the petrol rate would drop by ₹9.5 per liter, and diesel would drop by ₹7 per liter. As a result, the government would bear a revenue implication of ₹1 lakh crores per year.

On Saturday, the Finance Minister also urged the state government to drop the taxes on fuel. She said, “I wish to encourage all state governments to reduce or drop the taxes on fuel. I especially request the states which did not cut the last round (November 2021). Moreover, it would give a relief to the normal citizens.”

In the last 40 days, the fuel rates have stayed soaring high. The 14 revisions led to an increase in petrol by ₹10 per liter. On May 21, the petrol in Delhi was around 105.41 a liter, and diesel was 96.67 a liter. On the other hand, the petrol price per liter in Mumbai was ₹120.51, and the diesel price per liter was ₹104.

“The government has decided to give a subsidy of ₹200 per gas cylinder. The scheme is valid for up to 12 cylinders for over nine crores beneficiaries of Pradhan Mantri Ujjwala Yojana,” said FM Sitaraman. Amid the upsurging fuel prices, this step is a relief to the people of India. Center’s decision to slash the petrol prices by ₹8 per liter and on diesel by Rs 6 per liter.

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