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Friday, April 19, 2024

Fuel Prices Drop Sharply Post Excise Duty Cut; Know Rates

People first for us,’ says the government, which has reduced excise duties on gasoline and diesel. The government cut excise tax on fuel by Rs 8 per litre and diesel by Rs 6 per litre on Saturday.

Petrol will now cost Rs 95.91 per litre in India’s capital Delhi, while diesel will cost Rs 89.67 per litre. The excise tax drop announced by the finance minister would reduce petrol prices by Rs 9.5 per litre and diesel costs by Rs 7 per litre.

Participants in the Ujjwala Yojana would also receive a government subsidy of Rs 200 per cylinder. The import duty on raw materials for plastics and steel has also been cut to ease inflationary pressure.

“For us, people always come first! The decisions made today, particularly the one relating to a significant reduction in gasoline and diesel prices, will have a positive impact on a variety of sectors, providing relief to our citizens and increasing ‘Ease of Living.’ “In a tweet, Prime Minister Modi stated.

India’s inflation rate hit a new high of 15.08 per cent in April, with retail inflation rising to 7.79 per cent.

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Following the decision by the Indian government, the Kerala state government reduced the state tax on fuel and diesel by Rs 2.41 and Rs 1.36, respectively.

“It would have a revenue consequence of roughly Rs 1 lakh crore/year for the government,” India’s finance minister Nirmala Sitharaman stated in a tweet. State governments were also pushed by the finance minister to reduce sales taxes.

9/12 Also, this year, we will give a subsidy of 200 per gas cylinder (up to 12 cylinders) to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana. This will help our mothers and sisters. This will have a revenue implication of around 6100 crores a year. #Ujjwala

– Nirmala Sitharaman (@nsitharaman)

May 21, 2022

“I would want to encourage all state governments, particularly those states where reductions were not made during the last cycle (November 2021), to impose a comparable cut and provide assistance to the ordinary man,” India’s finance minister stated.

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