Fuel to get cheaper tomorrow; govt slashes excise duty on petrol by Rs5, diesel by Rs10

by Business | 03-11-2021 | 330 views

New Delhi: The Government of India on Thursday 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. 

Prices of Petrol and Diesel will come down accordingly, sources said. Reduction in excise duty on diesel will be double that of petrol and will come as a boost to the farmers during the upcoming Rabi season.

States have been urged by the Centre to reduce value added tax (VAT) on both the fuels to give relief to consumers. Excise duty on petrol was hiked from Rs 19.98 per litre to Rs 32.9 last year to recoup gain arising from international oil prices plunging to multi-year low as pandemic gulped demand.

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