Finance Minister Nirmala Sitharaman announced on Saturday that the Centre has agreed to lower excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre to avoid fuel price hikes that were forced by the rise in international oil prices.
Union Finance Minister Nirmala Sitharaman tweeted, “We are reducing the Central excise duty on Petrol by ₹ 8 per litre and on Diesel by ₹ 6 per litre. This will reduce the price of petrol by ₹ 9.5 per litre and of Diesel by ₹ 7 per litre. It will have revenue implication of around ₹ 1 lakh crore/year for the government.”
The tweet added, “Also, this year, we will give a subsidy of ₹ 200 per gas cylinder (up to 12 cylinders) to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana. This will help our mothers and sisters. This will have a revenue implication of around ₹ 6100 crore a year.”
