The excise duty on petrol and diesel will be reduced by petrol Rs 12 and Diesel Rs 17 including Karnataka government reduced RS 7 each from today, the government has announced on the eve of Diwali, aiming to provide relief to people reeling under the impact of spiralling fuel prices. Prices of Petrol and Diesel will come down accordingly, sources said.
The reduction in excise duty on diesel will be double that of petrol and will come as a boost to the farmers during the upcoming Rabi season, the government said in an official statement. States have been urged by the Centre to reduce value added tax (VAT) on both the fuels to give relief to consumers.
However, the reduction has been announced at a time when petrol and diesel prices have been touching all-time highs across the country. The relief, as such therefore will only be marginal. On Wednesday, petrol price in Delhi stood at Rs 110.04 per litre while diesel was being sold for Rs 98.42.
In Mumbai, petrol price was Rs 115.85 while diesel stood at Rs 106.62 per litre. Excise duty on petrol was hiked from Rs 19.98 per litre to Rs 32.9 last year to recoup gain arising from international oil prices plunging to multi-year low as pandemic gulped demand.
The decision is being seen as a Diwali sop to the burdened consumers, though earlier this week, prices of LPG cylinders had been hiked by oil marketing companies by Rs 266, adding to the burden of the common man.
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