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

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

The move comes on the day the price of CNG in the national capital was hiked by ₹2 per kg - the 13th increase in rates in just over two months.

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.

Sitharaman also urged state governments to implement a similar cut.

“I wish to exhort all state governments, especially the states where the 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.

Centre cuts excise duty on petrol, diesel; prices to drop by ₹9.5, ₹7 per litre
Petrol, diesel prices hiked for 14th time in 16 days

The move comes on the day the price of CNG in the national capital was hiked by ₹2 per kg - the 13th increase in rates in just over two months. CNG in the national capital territory of Delhi now costs ₹75.61 per kg, up from ₹73.61 per kg, according to the information posted on the website of Indraprastha Gas Ltd (IGL) - the firm which retails CNG and piped cooking gas in the national capital and adjoining cities.

Mahanagar Gas Limited (MGL) has priced Compressed Natural Gas (CNG) at ₹76 per kg in Mumbai. Prices vary from city to city depending on the incidence of local taxes such as VAT.

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