Cut in fuel prices: Center announced a reduction in excise duty on petrol by Rs 8 per litre.
New Delhi:
Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Saturday thanked the Center for the visionary decision to reduce central excise duty on petrol and diesel and said it underscores PM Modi’s unwavering commitment towards the concerns of citizens and Demonstrates his leadership in crisis.
“Grateful to PM Narendra Modi ji and FM Nirmala Sitharaman ji for the visionary decision to reduce the central excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 per liter, which translates into reduction in the price of petrol by Rs 9.5 liter and diesel Rs 7 per litre. Costing the exchequer Rs 1 lakh crore/year,” Mr Puri said in a tweet.
Today’s decisions as well as measures to curb price hikes on key infrastructure materials such as cement, steel and plastics will provide massive relief to crores of Indian households and provide significant support to the Indian economy amid a challenging global inflationary environment.
— Hardeep Singh Puri (@HardeepSPuri) 21 May 2022
The Union Minister said, “This decision follows the reduction in Central Excise Duty of Rs 5 on petrol and Rs 10 on diesel on November 21. It underscores PM Modi’s unwavering commitment to the concerns of citizens and some states.” Demonstrates PM’s leadership in crisis despite refusal by
Further highlighting the fact that in spite of this second reduction in central excise duty, the price of petrol and diesel in states like Maharashtra, Rajasthan, West Bengal, Tamil Nadu, Andhra Pradesh, Jharkhand and Kerala is almost 10- about 10-year higher than the BJP ruled states. 15 is more than Rs. The Union Minister said that the time has come for these states to wake up and reduce VAT to give relief to their consumers.
“This is because of their respective state governments’ refusal to reduce VAT. It is time for these states to wake up and reduce VAT to provide relief to their consumers,” he said.
Earlier on Saturday, in a significant move aimed at providing relief to people from the high fuel prices, the Center announced reduction of excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 per liter.
Making the announcement in tweets, Finance Minister Sitharaman said that the move will have a revenue impact of around Rs 1 lakh crore per year.
He also urged the states to reduce VAT on petroleum products to provide relief to the common man.
The government had similarly reduced excise duty on petrol and diesel in November last year on the eve of Diwali. It had reduced the excise duty on petrol by Rs 5 per liter and on diesel by Rs 10 per liter.