(FE)
Finally, here is some relief to the common man as the government on Tuesday evening announced to cut excise duty on petrol, diesel by Rs 2 per litre. The new rates will be effective from midnight. Keeping in view the festive season, the fuel price cut has come as some relief to common man. “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, ” Finance Ministry tweeted. “This has been done to cushion the impact of rising international prices of crude petroleum oil & petrol & diesel on their Retail Sale Prices,” Finance Ministry added in another tweet.
Moreover, the ministry tweeted,”Revenue loss on a/c of these reductions in excise duty is about Rs.26,000 crore in full year& Rs13,000 crore in remaining part of Current FY. This decision has also been taken by the Government of India in order to protect the interest of common man.”
