New Delhi, May 21, 2022: The Central government has decided to cut excise duty on petrol and diesel.
Finance Minister Nirmala Sitharaman has said that the government has decided to cut excise duty on petrol by Rs 8 per liter and diesel by Rs 6 per liter.
“We are reducing the Central excise duty on Petrol by ₹ 8 per liter and Diesel by ₹ 6 per liter. This will reduce the price of petrol by ₹ 9.5 per liter and of Diesel by ₹ 7 per liter. It will have a revenue implication of around ₹ 1 lakh crore/year for the government,” she tweeted.
“I wish to exhort all state governments, especially the states where the reduction wasn’t done during the last round (November 2021), to also implement a similar cut and give relief to the common man. Also, this year, we will give a subsidy of ₹ 200 per gas cylinder (up to 12 cylinders) to over 9 crore beneficiaries of the Pradhan Mantri Ujjwala Yojana. This will help our mothers and sisters. This will have a revenue implication of around ₹ 6100 crores a year,” the Minister said.
“We are also reducing the customs duty on raw materials & intermediaries for plastic products where our import dependence is high. This will result in the reduction of the cost of final products. Similarly, we are calibrating customs duty on raw materials & intermediaries for iron & steel to reduce their prices. Import duty on some raw materials of steel will be reduced. Export duty on some steel products will be levied. Measures are being taken up to improve the availability of cement and through better logistics to reduce the cost of cement. Notifications with specific details on all the above will be issued by GoI within the next hour,” she declared.