New Delhi, November 3: The Central Government on Wednesday announced a reduction of excise duty on petrol and diesel, on the eve of Diwali.
As per the decision, excise duty on petrol will go down by Rs 5 and that on diesel will reduce by Rs 10. The Centre has said the new prices will be effective from Thursday.
“Government of India has taken a significant decision of reducing Central Excise Duty on Petrol & Diesel by Rs 5 and Rs 10 respectively from tomorrow. Prices of petrol & diesel will thus come down accordingly,” said a statement of Ministry of Petroleum and Natural Gas.
“In recent months, crude oil prices have witnessed a global upsurge. Consequently, domestic prices of petrol and diesel had increased in recent weeks exerting inflationary pressure. The world has also seen shortages and increased prices of all forms of energy. The Government of India has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet our requirements,” it said.
States are also urged to commensurately reduce VAT on Petrol and diesel to give relief to consumers.
