NEW DELHI: In a major relief to motorists, the Union Government on Saturday announced a cut in excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre.
“We are reducing the Central Excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre. This will reduce the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre, Union Finance Minister Nirmala Sitharaman announced.
This will have revenue implication of around Rs 1 lakh crore per year for the government.
“I wish to exhort all state governments, especially the states where the reduction wasn’t done during the last round (November 2021), to also implement a similar cut and give relief to the common man,” the Finance Minister said.
“Also, this year, we will give a subsidy of Rs 200 per gas cylinder (up to 12 cylinders) to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana, Nirmala said. “This will help our mothers and sisters. This will have a revenue implication of around Rs 6,100 crore a year.”
The minister added that steps are being taken up to improve the availability of cement and through better logistics to reduce its cost.