New Delhi | Increasing fuel prices in the nation will see a reduction as Finance Minister Arun Jaitley on Thursday announced that the central government will reduce the excise duty on fuel prices by 1.50 rupees.
Addressing a press conference, Arun Jaitley announced that the Union government will reduce the excise duty by Rs.1.50 while the Oil manufacturing Companies will also absorb a reduction of 1 rupee.” The announcement of the Finance minister will lead the rising fuel prices in the country to decrease by 2.50 rupees.
The Union Finance minister further added that the Union government will be writing to the state government to also reduce the VAT on the fuel prices similar to the central governments. Arun Jaitley further informed that cut in excise duty will be applicable immediately.
Speaking on the financial burden to the government with the reduction on the excise duty, Jaitley informed that the impact of the excise duty cut will be around 21,000 crores per year on the government while the impact on the current financial year will be around 10,500 Crore.
With daily increasing fuel prices, petrol on Thursday was being sold at Rs 84 per litre in Delhi while diesel is being sold at Rs 75.45 per litre. In Mumbai on Thursday petrol is being sold at Rs 91.34 per litre and diesel at Rs 80.10 per litre.
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