New rates applicable from Thursday
New Delhi, November 3: The government on Wednesday cut the excise duty
on petrol and diesel by Rs 5 and Rs 10, respectively, to bring down
retail rates from
record highs.
The announcement comes on the eve of Diwali which will help bring down
the skyrocketing prices of fuel and provide some relief to the common
man battling inflation.
“The Government of India has taken a significant decision of reducing
Central Excise Duty on Petrol & Diesel by Rs 5 and Rs 10 respectively
from tomorrow. Prices of petrol and diesel will thus come down
accordingly,” an official statement said.
With the slashing of Excise duty would likely to down the fuel prices
further with the applicable VAT and other levies affected by the
states on the reduced prices.
Farmers have, through their hard work, kept the economic growth
momentum going even during the lockdown phase and the massive
reduction in excise on diesel will come as a boost to them during the
upcoming Rabi season, it added.
In recent months, crude oil prices have witnessed a global upsurge.
Consequently, domestic prices of petrol and diesel had increased in
recent weeks, exerting inflationary pressure, it said.
