Petrol price to reduce by Rs 9.5 per litre, Diesel by 7

New Delhi: Bowing to public pressure, Finance Minister Nirmala Sitharaman on Saturday announced a Rs 8 per litre cut in excise duty on petrol and Rs 6 a litre on diesel to avoid increase in fuel prices that were necessitated due to surge in international oil prices. 7/12 We are reducing the Central excise duty […]

New Delhi: Bowing to public pressure, Finance Minister Nirmala Sitharaman on Saturday announced a Rs 8 per litre cut in excise duty on petrol and Rs 6 a litre on diesel to avoid increase in fuel prices that were necessitated due to surge in international oil prices.

7/12 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.

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It will have revenue implication of around ₹ 1 lakh crore/year for the government.

— Nirmala Sitharaman (@nsitharaman) May 21, 2022

Also, the government will give Rs 200 per cylinder subsidy to Ujjwala Yojana beneficiaries for 12 cylinders in a year to help ease some of the burden arising from cooking gas rates rising to record levels.

9/12 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. #Ujjwala

— Nirmala Sitharaman (@nsitharaman) May 21, 2022

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