Centre cuts excise duty on petrol, diesel; prices to drop by ₹9.5 and ₹7

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Union finance minister Nirmala Sitharaman said the Centre will reduce the central excise duty on petrol by 8 per litre and on diesel by 6 per litre. 

The Centre has decided to reduce the central excise duty on petrol by 8 per litre and on diesel by 6 per litre, Union finance minister Nirmala Sitharaman said on Saturday. The move will reduce the price of petrol by 9.5 per litre and of diesel by 7 per litre, she added.

“It will have a revenue implication of around 1 lakh crore per year for the government,” the finance minister said in a series of tweets.

Sitharaman also urged state governments to implement a similar cut.

“I wish to exhort all state governments, especially the states where reduction wasn’t done during the last round (November 2021), to also implement a similar cut and give relief to the common man,” she tweeted.

She also announced that the Centre will give a subsidy of 200 per gas cylinder (up to 12 cylinders) to over nine crore beneficiaries of the Pradhan Mantri Ujjwala Yojana. “This will help our mothers and sisters. This will have a revenue implication of around 6,100 crore a year,” she added.



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