India

Petrol price along with diesel reduces by Rs 2 a litre today; PM Modi cuts excise duty rate

Petrol price along with diesel reduces by Rs 2 a litre today; PM Modi cuts excise duty rate
Written by Pallavi Parmar

Petrol Price falls sharply by Rs 2 per litre on Wednesday, today. It is the first time when NDA government reduced excise duty on the petrol and diesel. Presently Petrol and diesel prices are revising on a daily basis. Although in 2014 NDA government raised the prices of petrol and diesel across India. After that government this year came up with a new policy in which petrol and diesel rates get revised on a daily basis which affects the rates of petrol and diesel regularly.

The official statement of the government stated that the excise duty bring down by Rs 2 on the petrol and diesel will cost the government around Rs 26, 000 crores in annual revenue while it cost Rs 13,000 crore during the remaining part of the current fiscal year which ends on 31st March 2018. And petrol price today in Delhi stood at Rs. 68.38.

As per the reports, earlier Oil Minister Dharmendra Pradhan requested the Ministry of Finance to bring down the petroleum products under the ambit of Goods and Services Tax in the interest of consumers. And said, there will be uniform tax mechanism across Country, the government of India reduced Basic Excise duty rates on the petrol and diesel from today, Ministry of Finance tweeted. And further added that it has been done to cushion the impact rising international prices of crude petroleum oil, diesel and petrol on the retail sale prices.

 

About the author

Pallavi Parmar

Journalism is my profession, Blogging and Writing are my passion, Travelling is my love, Food is my life and Feminist by nature.