Diesel and petrol prices slashed in a big relief to the common man as the Modi government cut excise duty on fuel. Central govt reduced the duty on Petrol by Rs 8 per litre and on diesel by Rs 6 per litre.
This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre with immediate effect. This is the second cut in excise duty by the central govt in less than a year. Collective cut in excise Rs 13 on petrol and Rs 15 on diesel, this cut now reverses the govts hike in excise that it did in 2020.
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The move will have revenue implication of around Rs 1 lakh crore per year for the government.