‘We are reducing the central excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre,’ finance minister Nirmala Sitharaman said
A fuel station in Gangtok. Image courtesy Wikimedia Commons
The price of petrol will come down by Rs 9.5, while the diesel will be cheaper by Rs 7 as finance minister Nirmala Sitharaman announced a cut in central excise duty on Saturday.
“We are reducing the central excise duty on Petrol by Rs 8 per litre and on Diesel by Rs 6 per litre,” Sitharaman said.
“The excise duty cut will have a revenue implication of around INR 1 lakh crore/year for the government,” Sitharaman added. “But, the Narendra Modi-led government has been dedicated towards the welfare of the poor since it assumed office,” she further said.
The government also announced a subsidy on gas cylinders.
“This year, we will give a subsidy of INR 200 per gas cylinder (upto 12 cylinders) to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana,” Sitharaman tweeted.
“The move will help our mothers and sisters,” she added.
Always people first for us: PM Modi
Hailing the fuel price cut, prime minister Narendra Modi said, “Today’s decisions, especially the one relating to a significant drop in petrol and diesel prices will positively impact various sectors, provide relief to our citizens and further ‘Ease of Living.”
The announcements were made taking into account disruptions in supply chains caused by the Ukraine war as well as the global ecomic recovery from the COVID-19 pandemic.
With inputs from agencies
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