Govt Reduces Central Excise Duty On Petrol By Rs 8/Litre, On Diesel By Rs 6/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. 

Government has slashed Central excise duty on diesel and petrol. (Representational)

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New Delhi: The Central Government on Saturday announced deduction in excise duty on petrol and diesel by Rupees 8 per litre and Ruppes 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, said Union Finance Minister Nirmala Sitharaman. 

This year, we will give a subsidy of Rs 200 per gas cylinder (upto 12 cylinders) to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana further announced the finance minister. 

Reduction in custom duties on raw materials and intermediaries for plastic products which have high import dependence has also been announced by Sitharaman. "We are also reducing the customs duty on raw materials & intermediaries for plastic products where our import dependence is high. Import duty on some raw materials of steel will be reduced. Export duty on some steel products will be levied," she said. 

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.

It will have revenue implication of around ₹ 1 lakh crore/year for the government.

— Nirmala Sitharaman (@nsitharaman) May 21, 2022

Measures are being taken up to improve the availability of Cement and through better logistics to reduce the cost of cement, she added. 

An additional fertilizer subsidy of Rs 1.10 lakh crore above the usual subsidy of Rs 1.05 lakh crore announced in the budget was also declared by Sitharaman on Saturday.