Diwali Bonanza! Petrol, diesel to get cheaper by ₹5 & ₹10 as excise duty slashed

Nov. 3: In what seems to be a great relief to the people during the festive season of Diwali is that the Govt of India on Wednesday announced an excise duty reduction on petrol and diesel. Excise duty on Petrol and Diesel will be reduced by Rs 5 and Rs 10 respectively from Thursday.

According to a statement by the Centre, “In recent months, crude oil prices have witnessed a global upsurge. Consequently, domestic prices of petrol and diesel had increased in recent weeks, exerting inflationary pressure. The world has also seen shortages and increased prices of all forms of energy. The Government of India has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet our requirements.”

Further, the States have been urged by the Centre to reduce value added tax (VAT) on both the fuels to give relief to consumers. In fact Petrol prices have risen by about ₹ 34 per litre in two years and ₹ 26 in a year on a steep climb in global oil prices and taxes. Diesel prices have increased by ₹ 29.5 per litre in two years and ₹ 25 in a year.

Also Read: After Centre, Assam govt also reduces VAT on petrol & diesel each by ₹7