Government cuts excise duty on petrol, diesel by Rs 2
The government cut excise duty on petrol and diesel by two rupees. Photograph: (Reuters)
The government on Tuesday cut excise duty on petrol and diesel by two rupees a litre to protect retail consumers from higher global crude oil prices.
The cut in the petrol and diesel duties will cost $1.99 billion over the next six months, the finance ministry said in a message on Twitter.
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— Ministry of Finance (@FinMinIndia) October 3, 2017
This has been done to cushion the impact of rising international prices of crude petroleum oil & petrol & diesel on their Retail Sale Prices— Ministry of Finance (@FinMinIndia) October 3, 2017
Revenue loss on a/c of these reductions in excise duty is about Rs.26,000 crore in full year& Rs13,000 crore in remaining part of Current FY— Ministry of Finance (@FinMinIndia) October 3, 2017
This decision has also been taken by the Government of India in order to protect the interest of common man.— Ministry of Finance (@FinMinIndia) October 3, 2017
Since August 1, retail prices for petrol have gone up 8.4 per cent and diesel by 6.4 per cent in New Delhi.
"The cut in excise duty has modestly increased the likelihood of fiscal slippage this year," Aditi Nayar, an economist at ICRA, the India arm of credit rating agency Moody's told Reuters.
Earlier | Now
Delhi - 70.81 | 68.81
Mumbai - 79.92 | 77.92
Kolkata - 73.55 | 71.55
Chennai - 73.41 | 71.41
Bengaluru - 71.95 | 69.95
*All price in Rs/Ltr
Earlier | Now
Delhi - 59.08 | 57.08
Mumbai - 62.76 | 60.76
Kolkata - 61.74 | 59.74
Chennai - 62.23 | 60.23
Bengaluru - 59.22 | 57.22