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Fuel price cut to gas cylinder subsidy: Five key announcements made by Nirmala Sitharaman

Fuel price cut to gas cylinder subsidy: Five key announcements made by Nirmala Sitharaman

In a series of tweets, finance minister Nirmala Sitharaman made several key announcements including a cut in central excise duty on fuel.

Here are the key takeaways:

  • Central excise duty on petrol has been reduced by Rs 8 per litre and on diesel by Rs 6 per litre. The excise duty cut will reduce the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre.
  • A subsidy of Rs 200 per gas cylinder (upto 12 cylinders) for over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana.
  • A fertiliser subsidy of Rs 1.10 crore. This will be in addition to the Rs 1.05 lakh crore subsidy allocated in the 2022 budget.
  • Reduction in customs duty on raw materials and intermediaries for iron & steel to reduce their prices. Export duty on some steel products will be levied.
  • Reduction in customs duty on raw materials & intermediaries for plastic products where our import dependence is high. This will eventually reduce the cost of final products.
  • Also read: Petrol price to reduce by Rs 9.5, diesel by Rs 7 per litre as Centre cuts excise duty

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