‘People first for us’: Government cuts excise duty on petrol and diesel

The government reduced excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 per liter on Saturday.

Petrol prices in India’s capital Delhi will now cost Rs 95.91 per liter and diesel is expected to cost Rs 89.67 per litre. Petrol prices will now be reduced by Rs 9.5 per liter and diesel will cost Rs 7 per liter less after the excise duty reduction announced by the Ministry of Finance.

The government has also announced a subsidy of Rs 200 per bottle to beneficiaries of Ujjwala Yojana. The import duty on raw materials for plastics and steel has also been reduced to ease inflationary pressures.

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“It’s always people first for us! Today’s decisions, especially the one relating to a significant drop in petrol and diesel prices, will have a positive impact on various sectors, bring relief to our citizens and improve the ‘ease of living’,” Prime Minister Modi said in a statement. Tweeter.

The move comes as Indian inflation hit a record high of 15.08% in April and retail price inflation rose to 7.79%.

Ujjwala Yojana has helped millions of Indians, especially women. Today’s decision on the Ujjwala grant will significantly relieve family budgets. https://t.co/tHNKmoinHH

— Narendra Modi (@narendramodi) May 21, 2022

“Ujjwala Yojana has helped millions of Indians, especially women. Today’s decision on the Ujjwala grant will significantly ease family budgets,” the Prime Minister of India added.

Watch: Gasoline and diesel prices soar in India

After the Indian government’s announcement, the Kerala state government announced a reduction in the state tax on petrol and diesel by Rs 2.41 and Rs 1.36 respectively.

In a tweet, Indian Finance Minister Nirmala Sitharaman said, “This will have a revenue implication of around Rs 1 lakh crore/year for the government.” The finance minister has urged state governments to reduce sales tax as well.

9/12 In addition, this year we will provide a grant of ₹200 per gas cylinder (up to 12 cylinders) to over 9 million Pradhan Mantri Ujjwala Yojana beneficiaries. This will help our mothers and our sisters. This will have a revenue implication of around ₹6,100 crore per year. #Ujjwala

—Nirmala Sitharaman (@nsitharaman) May 21, 2022

“I wish to urge all State Governments, especially States where the reduction was not carried out in the last cycle (November 2021), to also implement a similar reduction and provide relief to the common man,” India’s finance minister said.

(With agency contributions)

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