Petrol-Diesel Excise Duty Cut: The central government has made a huge cut in the ever-increasing prices of petrol and diesel. There has been a huge cut in the prices of LPG gas cylinders, petrol and diesel.
Petrol-Diesel Price Today, IOCL 20 May Petrol Diesel Rates: The Central Government has given a big relief on the rising prices of petrol and diesel. In order to put an end to the continuous increase in the prices of petrol and diesel for a long time, the government has cut the excise duty drastically. The Center has cut the price of petrol by Rs 9.50 and that of diesel by Rs 7.
Know what Finance Minister Sitharaman said
Announcing the reduction in the prices of petrol and diesel, Finance Minister Sitharaman said that I want to appeal to all the state governments, especially those states, where the cut was not made during the last round (November 2021). There also similar deduction should be implemented and relief should be given to the common man.
We are reducing the Central excise duty on Petrol by Rs 8 per litre and on Diesel by Rs 6 per litre. This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre: Union Finance Minister Nirmala Sitharaman
(File Pic) pic.twitter.com/13YJTpDGIf
— ANI (@ANI) May 21, 2022
Big cut in excise duty
Finance Minister Nirmala Sitharaman said that this [reduction in excise duty] will have a revenue implication of about one lakh crore rupees / year for the government. I would like to encourage all the state governments, especially those states, where the cuts were not made during the last round (November 2021), to implement similar cuts and give relief to the common man.
1/12 Our government, since when @PMOIndia @narendramodi took office, is
devoted to the welfare of the poor.We’ve taken a number of steps to help the poor and middle class. As a result, the average inflation during our tenure has remained lower than during previous governments.— Nirmala Sitharaman (@nsitharaman) May 21, 2022
More big decisions taken
Sitharaman said that this deduction will help our mothers and sisters. This will have a revenue implication of about Rs 6,100 crore annually. We are also reducing customs duty on raw materials and middlemen for plastic products where our import dependence is high. This will reduce the cost of the final products.
LPG prices also cut
Amidst the inflation, the Center has also decided to give a subsidy of Rs 200 per gas cylinder (up to 12 cylinders) to more than nine crore beneficiaries of Pradhan Mantri Ujjwala Yojana. The central government has given a big relief even on the rising price of cooking gas. Rs 200 subsidy will be available on the cost of LPG.
