Centre reduces Petrol prices by Rs.9.50, Diesel by 7 per litre

By admin On May 21, 2022

New Delhi : In a good news for consumers, the Central government on Saturday 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, announced union finance minister Nirmala Sitharaman.

“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. 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” twitted Sitharaman.

“Also, this year, we will give a subsidy of ₹ 200 per gas cylinder (upto 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” she added.

“We are also reducing the customs duty on raw materials & intermediaries for plastic products where our import dependence is high. This will result in reduction of cost of final products. Similarly we are calibrating customs duty on raw materials & intermediaries for iron & steel to reduce their prices. Import duty on some raw materials of steel will be reduced. Export duty on some steel products will be levied. Measures are being taken up to improve the availability of Cement and through better logistics to reduce the cost of cement. Notifications with specific details on all the above will be issued by GoI within the next hour” she added.