In a major relief to the consumer, Govt of India has decided to reduce central excise duty on petrol by Rs 8 per liter, and reduce Rs 6 per liter for diesel.
This will directly impact the price of petrol and diesel that end-users will pay.
After this reducing in the central excise duty, the price of petrol will become cheaper by Rs 9.5/liter, and the price of diesel will reduce by Rs 7 per per liter.
This announcement has been made by Finance Minister Nirmala Sitharaman.
As per Govt sources, Govt of India will lose Rs 1 lakh crore due to this reduction in price of petrol and diesel.
Finance Minister said, “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”, adding, “This will help our mothers and sisters,”
Besides this, Govt will also provide Rs 200 discount under Ujjwala Yojana beneficiaries, limited to 12 cylinders per year.
This will help them to reduce their expenses by Rs 2400 per year on buying cylinders.
Due to this additional subsidy on gas cylinders, Govt will lose Rs 6100 crore per year.
Wholesale and retail price of critical products have risen exponentially this year, and this has prompted the Govt to hike interest rate.
We will keep you updated, as more details come in.
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