Petrol Price Reduced By Rs 5, Diesel By Rs 10 From This Date: 4 Things You Should Know Right Now

In a big development, Govt of India has reduced the excise duty on petrol by Rs 5, and on diesel, the reduction is by Rs 10.

3 Developments You Should Know:

Petrel, Diesel Will Be Cheaper

After the reduction in excise duty, price of petrol will now become cheaper by Rs 5 per liter, and diesel will be cheaper by Rs 10.

This will hugely benefit the Indian consumers, who have been bearing the brunt of high petrol and diesel prices since last few months.

Govt said, “The reduction in excise duty on Petrol and Diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes. Today’s decision is expected to further spur the overall economic cycle.”

Effective Date Of Cheaper Prices

The new, cheaper prices of petrol and diesel will be effective from November 4th, 2021, on Diwali eve.

As per PIB, “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.”

Relief To Farmers

Govt has decided to reduce the price of diesel by Rs 10, double of petrol, to give relief to farmers, who are due to harvest their Rabi crop, and ship it across the nation.

Since most of the trucks and tractors are fuelled by diesel, the reduction in price will help farmers to generate more income.

States Asked To Reduce VAT

At the same time, Govt has asked all States to reduce the VAT on the petrol and diesel.

If States follow this request, then the overall price of petrol and diesel can reduce further.

As of now, price of petrol is Rs 110.04 per liter in New Delhi, while its Rs 115.85 per litre in Mumbai. Diesel is Rs 98.42 and Rs 106.62 per litre in New Delhi and Mumbai respectively.

Here is the press release from Govt.

We will keep you updated, as new developments come in.