Union Finance Minister in an unexpected news said "We are reducing the Central excise duty on Petrol by Rs 8 per litre and on Diesel by Rs 6 per litre. This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre".
7/12 We are reducing the Central excise duty on Petrol by ₹ 8 per litre and on Diesel by ₹ 6 per litre.— Nirmala Sitharaman (@nsitharaman) May 21, 2022
This will reduce the price of petrol by ₹ 9.5 per litre and of Diesel by ₹ 7 per litre.
It will have revenue implication of around ₹ 1 lakh crore/year for the government.
Currently, in most of the Indian cities, petrol prices are topping levels of Rs. 100 per litre and more.
In the country's national capital, price of petrol is at Rs. 105.41, while diesel has been retailing for Rs.96.67 per litre.
Notably, this will come as a big relief for Indian who have been facing huge inflationary pressure.
Also, on the sideline, the Union Finance Minister said, "We are also reducing the customs duty on raw materials & intermediaries for plastic products where our import dependence is high. Import duty on some raw materials of steel will be reduced. Export duty on some steel products will be levied".
The minister also apprised about the Rs. 200/gas cylinder for up to 12 cylinders to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana.