Excise duty on Gasoline and Diesel will be reduced by 9.5 and 7 percent, respectively, by the Federal Government



Petrol Price reduce, Notefate.com

Today's petrol and diesel price reduction news: Due to a large reduction in national excise duty on gasoline prices, Finance Minister Nirmala Sitharaman stated on Saturday that the price of petrol will be dropped by Rs 9.5 and the price of diesel will be decreased by Rs 7. "The Central Excise Duty on Petrol and Diesel would be reduced by Rs 8 per litre and Rs 6 per litre, respectively. This will lower fuel prices by Rs 9.5 per litre and diesel prices by Rs 7 "Nirmala Sitharaman, the Union Finance Minister, stated.


How much would the government lose if gasoline and diesel prices are reduced?

As a result of the action, the government will lose around Rs 1 lakh crore in revenue. Customs charges on raw materials and intermediaries for plastic products, which are heavily reliant on imports, are also being reduced by the Centre. As a result, the final product will be more affordable. The Ukraine conflict and worldwide supply chain disruptions have spurred price increases.

In April, wholesale and consumer prices in India surged at their fastest rates in years, prompting the central bank to boost interest rates unexpectedly earlier this month.

She said: "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."

In yet another important move, the government has decided to provide a subsidy of Rs 200 per gas cylinder (up to 12 cylinders) to nearly 9 crore Pradhan Mantri Ujjwala Yojana participants this year.

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