Economic Buzz: Govt Cuts Excise Duty On Petrol And Diesel By Rs 2 Per Litre

capital market | Mumbai | October 04, 2017 12:18 IST

Economic Buzz: Govt Cuts Excise Duty On Petrol And Diesel By Rs 2 Per Litre

The Government has decided to reduce the central excise duty on Petrol and Diesel by Rs 2 per Litre effective from the October 4, 2017, according to a latest press release from the Ministry of Petroleum & Natural Gas. This measure would help reducing the prices of Petrol and Diesel and giving relief to consumers.

In the past few weeks, the prices of Petrol and Diesel have been rising due to increase in their prices in the international market. The retail selling prices of Petrol and Diesel have touched Rs 70.88 per/ litre and Rs 59.14 per litre respectively at Delhi on October 3, 2017. As a result of reduction in excise duty, the decrease in prices of Petrol and Diesel will be Rs 2.50 per litre and Rs 2.25 per litre respectively at Delhi.

The Government is monitoring the developments in the prices of Petrol and Diesel in the international as well as domestic market. State Governments are also being requested to make reduction in VAT imposed by them on Petrol and Diesel so as to give more relief to consumers.

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