Petrol-diesel will be cheaper, central government reduces excise duty

Ahmedabad, May 21, 2022, Saturday

Inflation has also picked up in India due to the rapid recovery following the Corona epidemic. Petrol-diesel prices have also risen locally as global crude prices have skyrocketed, leaving the general public reeling from the heat and rising prices. In the end, the loose government has been forced to cut taxes on petrol and diesel.

The excise duty has been reduced to curb petrol-diesel prices, the finance ministry said in a statement. The government has decided to reduce excise duty on petrol by Rs 8 per liter and diesel by Rs 6 per liter.

However, along with taxes and other levies, petrol-diesel prices are likely to fall by Rs 9.5 and Rs 7 per liter, respectively. According to a Finance Ministry statement, the cut in excise duty is expected to reduce the exchequer's revenue by Rs 1 lakh crore per annum.