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Petrol prices to come down by Rs 9.5 a litre, diesel by Rs 7 as Centre cuts excise duty

Petrol prices to come down by Rs 9.5 a litre, diesel by Rs 7 as Centre cuts excise duty

The Centre on Saturday announced that it was slashing the excise duty on petrol by Rs 8 per litre and diesel by Rs 6 a litre.

In a tweet, Finance Minister Nirmala Sitharaman said that this will reduce the price of petrol by Rs 9.5 per litre and diesel by Rs 7 a litre.

She said that the decision will have a revenue impact of Rs 1 lakh crore per year for the government.

“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,” she said.

Sitharaman also announced that a subsidy of Rs 200 per gas cylinder will be given this year to more than 9 crore beneficiaries of the Pradhan Mantri Ujjwala Yojana. The decision will have a revenue implication of Rs 6,100 crore a year, she added.

The subsidy will be applicable up to 12 cylinders.

8/12I 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.

— Nirmala Sitharaman (@nsitharaman) May 21, 2022

Prime Minister Narendra Modi said that the decisions, particularly the one...

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