Diwali bonanza: Govt cuts excise duty; Petrol & Diesel gets cheaper finally!

Big cut in fuel prices as a Diwali gift from the Centre as the govt has slashed excise duty making petrol cheaper by Rs 5 and Diesel by Rs 10. The lower prices will be effective from November 4.

This comes at a time when petrol and diesel prices are at a record high across the country. Petrol prices are up over Rs 30/litre since last Diwali.

Also watch: Petrol prices cross Rs 110/litre in Delhi; up 40% from last Diwali

From Diwali day, petrol price in Delhi will be Rs 105 per litre while diesel will be available for Rs 88.4.

The Centre has urged states to reduce value added tax (VAT) on both the fuels to give relief to consumers. Taxes account for over 60% of the fuel bill currently. The government's collection from levy of excise duty on petroleum products has risen 33% in the first six months of this year. Data available from the Controller General of Accounts (CGA) in the Union Ministry of Finance showed excise duty collections during April-September 2021 surging to over ₹1.71 lakh crore up 79% from pre-covid times.