Petrol Diesel Price / Diwali gift Excise duty on Petrol and Diesel to be reduced by Rs 5 and Rs 10 from tomorrow

Petrol, Diesel Prices: Just a day before Diwali, the common people have got a big relief. The central government has reduced the prices of petrol and diesel. Now petrol has become cheaper by Rs. At the same time, the price of diesel has been cut by Rs.

Indeed, on the eve of Diwali, the Government of India has announced a reduction in excise duty on petrol and diesel. Excise duty on petrol and diesel will be reduced by Rs 5 and Rs 10 respectively from tomorrow i.e. Thursday. According to news agency ANI, the reduction in excise duty on diesel will be double as compared to petrol. In view of the upcoming Rabi season, there is news of relief for the farmers. With this relief, the hope of reducing VAT on petrol and diesel has also increased.

Let us tell you that petrol has crossed Rs 100 per liter in most of the cities of India and is getting costlier by 35 paise almost everyday. From October 4, 2021 to October 25, the average price of petrol has increased by more than Rs 8 here.

The government had increased the excise duty: Explain that the central government collects the highest excise duty on petrol and diesel. Last year, the excise duty on petrol was increased from Rs 19.98 to Rs 32.9 per liter. Similarly, the duty on diesel was increased to Rs 31.80 per litre. International crude oil prices have corrected to $85 a barrel and demand has returned, but the government did not reduce excise duty. Because of this, petrol has crossed Rs 100 per liter in all major cities of the country today. At the same time, diesel has scored a century in more than one and a half dozen states.

On May 5, 2020, the government increased the excise duty to a record level. Since then, the price of petrol has increased by Rs 37.38 per liter till now. Diesel prices have increased by Rs 27.98 per liter during this period.