diesel: Centre announces cuts in petrol, diesel excise duty on Diwali eve

diesel: Centre announces cuts in petrol, diesel excise duty on Diwali eve

Bringing some Diwali cheer, the centre Wednesday cut Central Excise Duty on petrol & diesel by Rs. 5 and Rs. 10 respectively.

The cut would come into effect from tomorrow, an official statement said, adding that the move would bring down prices of petrol & diesel accordingly.

“To give a further fillip to the economy, the Government of India has decided to significantly reduce the excise duty on diesel and petrol, ” the statement said.

States are also urged to commensurately reduce VAT on Petrol and diesel to give relief to consumers, it said.

The reduction in excise duty on Petrol and Diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes, ” it added.

Driven by the enterprising ability of India’s aspirational population, the Indian economy has witnessed a remarkable turnaround post the COVID-19 induced slowdown. All sectors of the economy – be it manufacturing, services or agriculture – are experiencing significant upward economic activity, the statement said.

“Today’s decision is expected to further spur the overall economic cycle,” it said.

The Indian 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 the farmers during the upcoming Rabi season, the statement said.

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.

The world has also seen shortages and increased prices of all forms of energy, the statement said, adding that the government has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet the country’s requirements.

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