EXCISE DUTY CUT, PETROL, DIESEL TO BE ₹2 CHEAPER

NEW DELHI: The government on Tuesday cut excise duty on petrol and diesel by ₹2 a litre to moderate the sharp rise in fuel prices over the last three months. “Govt of India has reduced Basic Excise Duty rate on petrol and diesel [both branded and unbranded] by ₹2 per litre w.e.f. 4th October, 2017,” the finance ministry said. Prices of petrol and diesel will be reduced by the amount of duty cut with effect from Wednesday, it said. In Lucknow petrol will cost ₹70.92 as against ₹72.88.

NEW DELHI: The government on Tuesday cut excise duty on petrol and diesel by ₹2 per litre to moderate the relentless rise in fuel prices witnessed for the last three months.

“Govt of India has reduced basic excise duty rate on petrol and diesel [both branded and unbranded] by ₹2 per litre w.e.f. October 4,2017,” the finance ministry said in a tweet.

Prices of petrol and diesel will be reduced by the amount of duty cut with effect from Wednesday.

Petrol currently costs ₹70.88 per litre in Delhi while a litre of diesel is priced at ₹59.14, the highest ever.

On petrol, the government currently levies excise duties totalling ₹21.48 per litre while that on diesel is ₹17.33 per litre.

The government, which had raised duties three years back to take away gains arising from plummeting global oil prices, has been criticised for not cutting excise duty despite a sustained rise in fuel prices since early July.

Petrol price has jumped by ₹7.8 per litre since July 4, while diesel rates have touched an alltime high after rates went up by ₹5.7.