New Delhi: Union government has reduced the excise duty imposed on petroleum fuels. This was announced by Union Finance Minister Nirmala Sitharaman. The government reduced the price of petrol by Rs 9.5 and diesel prices by Rs 7.
‘We are reducing the Central excise duty on Petrol by Rs 8 per litre and on Diesel by Rs 6 per litre. This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre’, said Union Finance Minister Nirmala Sitharaman.
The government will lose roughly Rs 1 lakh crore in revenue as a result of this decision. Union government also decided to pay a subsidy of Rs 200 per LPG cylinder to the Pradhan Mantri Ujjwala Yojana’s nearly 9 crore beneficiaries.