Government has taken a significant decision of reducing Central Excise Duty on Petrol by five rupees and Diesel by ten rupees from tomorrow. Finance Ministry said, the prices of petrol and diesel will come down accordingly. The reduction in excise duty on diesel will be double that of petrol. The Ministry said, the farmers have kept the economic growth momentum going even during the lockdown phase through their hard work. It said, the massive reduction in excise on diesel will come as a boost to the farmers during the upcoming Rabi season.
In recent months, crude oil prices have witnessed a global upsurge. Consequently, domestic prices of petrol and diesel had increased in recent weeks exerting inflationary pressure. Finance Ministry said, the world has also seen shortages and increased prices of all forms of energy. It said, the Government has made efforts to ensure that there is no energy shortage in the country.
The Ministry 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. It said, today’s decision is expected to further spur the overall economic cycle. The Ministry has also urged States to commensurately reduce VAT on Petrol and diesel to give relief to consumers.
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