In what can be considered as a sigh of relief for the people of the entire country, the Government of India reduced the petrol and diesel prices on Wednesday.
On eve of Diwali, Government of India announced excise duty reduction on petrol and diesel. Excise duty on Petrol and Diesel to be reduced by Rs 5 and Rs 10 respectively from tomorrow, as per the report of news agency ANI.
The reduction in excise duty on diesel will be double that of petrol and will come as a boost to the farmers during the upcoming Rabi season. States urged to reduce VAT on petrol & diesel to give relief to consumers,” ANI quoted government sources as saying.
Meanwhile, the Finance Ministry said that the reduction in excise duty on Petrol and Diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes. Today’s decision is expected to further spur the overall economic cycle.
The Ministry also has urged the states to commensurately reduce VAT on Petrol and diesel to give relief to consumers.