news on petrol price|petrol rate news|latest news on petrol price|petrol rate news|latest news on petrol price|petrol price decrease news|petrol price decrease:The Centre on Saturday finally slashed excise duty on petrol and diesel by Rs 8 and Rs 6 per litre respectively. This will reduce the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre.7/12 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.
The price of petrol will come down by ₹ 9.5, while the diesel will be cheaper by ₹ 7 as Finance Minister Nirmala Sitharaman announced a sharp cut in central excise duty on fuel prices amid surging inflation.
The central excise duty on petrol has been cut by ₹ 8 per litre and the same on diesel has been cut by ₹ 6 per litre, said Ms Sitharaman. The government says it will lose ₹ 1 lakh crore by taking the cut on central excise duties.
The Minister urged states to implement a similar cut and pass on the benefit to the common man.
The central government on May 21 announced a reduction in the excise duty levied on petrol and diesel to give relief to consumers reeling under the pressure of high fuel prices.
petrol and diesel price news
Finance Minister Nirmala Sitharaman said that the central excise duty on petrol will be reduced by Rs 8 per litre, while that for diesel will be reduced by Rs 6 per litre. She also asked states to consider cutting the taxes.
Consumers breathe a sigh of relief, but could the overall prices come down more or is this just a small breather? This explainer attempts to answer all this and more.
The central government has reduced the excise duty and hopes that states will follow suit. Duties and taxes account for 40-50 per cent of retail fuel prices.Petrol and Diesel price reduce news today: Finance Minister Nirmala Sitharaman announced on Saturday that the price of petrol will be reduced by Rs 9.5, whereas the diesel prices will see a cut of Rs 7 due to a sharp cut in central excise duty on fuel prices. “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.
petrol and diesel price
The government will lose roughly Rs 1 lakh crore in revenue as a result of the action. The Centre is also lowering customs duties on raw materials and intermediaries for plastic products, which are heavily reliant on imports. As a result, the finished product will be less expensive. Price rises have been fueled by the Ukraine crisis and global supply chain disruptions.
India’s wholesale and consumer prices rose at their quickest rates in years in April, leading the central bank to raise interest rates during an unexpected policy meeting earlier this month.
PM Modi scathes Opposition on high fuel prices
The announcement also comes just a month after Prime Minister called out the Opposition states for failing to act on the Centre’s request to bring down the exorbitant fuel prices by reducing VAT during a virtual meeting. Interacting with the Chief Ministers, PM Modi stated that while the Centre had done its job by cutting the excise duty, states had failed to do their part.
Discussing how the move would help boost ‘cooperative federalism’, PM Modi shared how BJP-led states like Gujarat and Karnataka incurred losses running between Rs 3,500-5000 crores each due to the tax waiver. He also called out the names of 7 states, specifically requesting them to do so in the interest of their citizens.