Petrol, Diesel Prices are Expected to drop by Rs 2 per litre as Govt cuts Excise Duty

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The government cuts down the excise duty on petrol and diesel by 2 Rs per litre on Tuesday as the criticism was rapidly increasing on the Modi government by the consumers. The reduced prices of petrol and diesel by the amount of duty cut will come with effect by Wednesday. During the last few weeks, due to the rise in the international market prices of petrol and diesel, the retailing prices in Delhi had gone to Rs 70.83 litre for petrol and Rs 59.07 a litre for diesel, which was the highest ever.

“Govt of India has reduced Basic Excise Duty rate on petrol and diesel [both branded and unbranded] by Rs 2 per litre w.e.f. 4th October 2017 (sic),” the finance ministry tweeted. It said in another tweet that “This (excise duty cut) has been done to cushion the impact of rising international prices of crude petroleum oil and petrol and diesel on their retail sale prices”. “To cushion the impact of rising international prices of crude petroleum oil and petrol and diesel on retail sale prices of petrol and diesel, with effect from 4th October, 2017, and to protect the interest of the common man, the Government has reduced the basic excise duty rate on petrol and diesel [both branded and unbranded) by Rs. 2 per litre,” an official statement said on Tuesday.

It also added that the reduction in excise duty would lead the government loss of minimum about Rs 26,000 crore in a whole year, and Rs 13,000 crore throughout the remaining time of the current financial year. Talking about the increase in these two oil prices, the prices of petrol went up by Rs 7.8 litre since 4 July, whereas the diesel rates hiked the all-time high after rates went up by Rs 5.7.

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