The government on Tuesday reduced Basic Excise Duty rate on both branded and unbranded petrol and diesel. The new prices will be effective from tomorrow, October 4.
This has been done to cushion the impact of rising international prices of crude petroleum oil and petrol and diesel on their Retail Sale Prices, it added.
The government has slashed the excise duty on petrol and diesel by Rs 2 per litre.
It further stated that the government will incur revenue loss of about Rs 26,000 crore in full year, and Rs 13,000 crore in the remaining part of the curent financial year.
The ministry also said that the decision has been taken by the government “in order to protect the interest of the common man”.
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