Petrol And Diesel Gets Cheaper As Government Cuts Excise Duty

Subscribe to GoodReturns
For Quick Alerts
Subscribe Now  
For Quick Alerts
For Daily Alerts

    The government on Tuesday announced excise duty cut on petrol and diesel by Rs. 2 per litre. The new rates for both the fuel hence came into effect from midnight. The finance ministry tweeted "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".

    Petrol And Diesel Gets Cheaper As Government Cuts Excise Duty

    This has come as a huge relief for a common man ahead of festivities. Further as mentioned in another tweet, the step is taken to protect consumers from the surging crude oil prices in the international markets which directly has a bearing on the sales price of fuel in the domestic markets.

    In another tweet the ministry specified the revenue loss that would result on account of excise duty cut. "Revenue loss on a/c of these reductions in excise duty is about Rs.26,000 crore in full year and Rs 13,000 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."

    Read more about: petrol diesel crude oil excise duty
    Story first published: Wednesday, October 4, 2017, 10:51 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more