Petrol, diesel prices slashed by Rs 2 per litre as government cuts excise duty

03 October, New Delhi

 

Petrol and Diesel will be cheaper by two rupees per litre from midnight tonight.

The Central government today reduced the basic excise duty on Petrol and Diesel by two rupees per litre to cushion the impact of rising international prices of crude oil and retail prices of petrol and diesel.

The reduction will apply on both branded and unbranded Petrol and Diesel and is expected to provide much needed relief to the common man.

In a statement, Finance Ministry said the revenue loss on account of these reductions will be about 26 thousand crore rupees in a full year and about 13 thousand crore rupees during the remaining part of the current financial year.

The Ministry said, due to the increase in the international prices of Petrol and Diesel, during the last few weeks, the retail selling price of Petrol had risen to 70. 83 rupees per litre and Diesel 59.07 rupees in Delhi.

This rise was also reflected in WPI inflation in August this year.

The rising prices of the two petroleum products had evoked criticism of the government by opposition parties.

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