Petrol, Diesel To Go Cheaper As Govt Cuts Excise Duty By Rs 2 Per LitreOctober 04, 2017 13:19
(Image source from: NDTV Profit)
Petrol, Diesel To Go Cheaper As Govt Cuts Excise Duty By Rs 2 Per Litre:- The excise duty on essential fuels diesel and petrol were slashed by the government by Rs 2 per litre on Tuesday.
This move of the government comes a day before the Reserve Bank of India (RBI) releases result of its two days monetary policy meet on October 4. The decision was announced by Finance Minister Arun Jaitley in a series of tweets. He termed the recent step pro-people and pro-common man.
He confirmed the news by tweeting, “Govt of India has reduced Basic Excise Duty rate on Petrol & Diesel [both branded and unbranded] by Rs. 2 per litre w.e.f. 4th October,2017.”
Jaitley added that in order to protect the interest of common man, this decision has also been taken by the Government of India. The cut in excise on diesel and petrol would put an additional burden on exchequer as according to Jaitley the move will bring some revenue loss to the government.
“Revenue loss on a/c of these reductions in excise duty is about Rs 26,000 crore in full year & Rs 13,000 crore in remaining part of Current FY,” he added. After taking into consideration the rising global crude oil prices and with an aim to prevent any spillover of its impact on Indian economy, the step has been taken.
“This has been done to cushion the impact of rising international prices of crude petroleum oil & petrol & diesel on their Retail Sale Prices,” the finance minister explained.