Today’s
petrol and diesel price reduction news: Due to a large reduction in national
excise duty on gasoline prices, Finance Minister Nirmala Sitharaman stated on
Saturday that the price of petrol will be dropped by Rs 9.5 and the price of
diesel will be decreased by Rs 7. “The Central Excise Duty on Petrol and
Diesel would be reduced by Rs 8 per litre and Rs 6 per litre, respectively.
This will lower fuel prices by Rs 9.5 per litre and diesel prices by Rs 7 “Nirmala
Sitharaman, the Union Finance Minister, stated.
How
much would the government lose if gasoline and diesel prices are reduced?
As
a result of the action, the government will lose around Rs 1 lakh crore in
revenue. Customs charges on raw materials and intermediaries for plastic
products, which are heavily reliant on imports, are also being reduced by the
Centre. As a result, the final product will be more affordable. The Ukraine
conflict and worldwide supply chain disruptions have spurred price increases.
In
April, wholesale and consumer prices in India surged at their fastest rates in
years, prompting the central bank to boost interest rates unexpectedly earlier
this month.
She said: “I wish to exhort all state
governments, especially the states where reduction wasn`t done during the last
round (November 2021), to also implement a similar cut and give relief to the
common man.”
In
yet another important move, the government has decided to provide a subsidy of
Rs 200 per gas cylinder (up to 12 cylinders) to nearly 9 crore Pradhan Mantri
Ujjwala Yojana participants this year.