Amid rising inflation, the Union government on on Saturday finally slashed excise duty on petrol and diesel by Rs 8 and Rs 6 per litre respectively. The reduction in price will slash down the rates of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre.
The announcement was made by Finance Minister Nirmala Sitharaman.
“It will have a revenue implication of around ₹1 lakh crore per year for the government,” the finance minister said.
While making the announcement, the FM said: “Our government, since when @PMOIndia @narendramodi took office, is devoted to the welfare of the poor.We’ve taken a number of steps to help the poor and middle class. As a result, the average inflation during our tenure has remained lower than during previous governments.”
Urging the opposition once again to slash the VAT, she said: “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.”
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