Govt. slashed Excise Duty on Petrol and Disel Rs 2 per Liter
New Delhi, 4th Oct: The government has slashed the excise duty on petrol and diesel by Rs 2 per litre. The new rate effects from midnight.
The finance ministry said, Govt of India has reduced Basic Excise Duty rate on Petrol & Diesel (both branded and unbranded) by Rs 2 per litre from 4th October, 2017. This has been done to cushion the impact of rising international prices of crude petroleum oil and petrol and diesel on their Retail Sale Prices, it added.
The ministry said the exchequer will bear a revenue loss of Rs 26,000 crore as a result of this reduction in excise duty. But the decision was taken to safeguard the interest of common people. The revenue loss on account of these reductions in excise duty is about Rs 26,000 crore in full year and Rs13,000 crore in remaining part of Current Financial Year.
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