By: Express Web Desk | New Delhi |
Updated: November 3, 2021 8:52:39 pm
On Wednesday, petrol price in Delhi stands at Rs 110.04 per litre while diesel is available for Rs 98.42. (File photo)
On the eve of Diwali, the Centre on Tuesday announced a reduction of excise duty on petrol and diesel.
Excise duty on petrol will go down by Rs 5 and that on diesel will reduce by Rs 10. The Centre has said the new prices will be effective from Thursday.
This comes at a time when petrol and diesel prices are at a record high across the country.
On Wednesday, petrol price in Delhi stands at Rs 110.04 per litre while diesel is available for Rs 98.42. In Mumbai, petrol is retailing at Rs 115.85 while diesel costs Rs 106.62.
Making the announcement, the Ministry of Finance in a press release stated, “The reduction in excise duty on diesel will be double that of petrol. The Indian farmers have, through their hard work, kept the economic growth momentum going even during the lockdown phase and the massive reduction in excise on diesel will come as a boost to the farmers during the upcoming Rabi season.”
It added, “The Government of India has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet our requirements. Driven by the enterprising ability of India’s aspirational population, the Indian economy has witnessed a remarkable turnaround post the COVID-19 induced slowdown. All sectors of the economy – be it manufacturing, services or agriculture – are experiencing significant upward economic activity. To give a further fillip to the economy, the Government of India has decided to significantly reduce the excise duty on diesel and petrol.”
The Centre further stated that the move will boost consumption and keep inflation low, thus helping the poor and middle classes. It also urged the states to commensurately reduce VAT on petrol and diesel to give relief to consumers.
Auto fuel prices in the country differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels.
In the global market, oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply, news agency Reuters reported.
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By: Express Web Desk | New Delhi | Updated: November 3, 2021 8:52:39 pm On Wednesday, petrol price in Delhi stands at Rs 110.04 per litre while diesel is available for Rs 98.42. (File photo) On the eve of Diwali, the Centre on Tuesday announced a reduction of excise duty on petrol and diesel. Excise duty on petrol will go down by Rs 5 and that on diesel will reduce by Rs 10. The Centre has said the new prices will be effective from Thursday. This comes at a time when petrol and diesel prices are at a record high across the country. On Wednesday, petrol price in Delhi stands at Rs 110.04 per litre while diesel is available for Rs 98.42. In Mumbai, petrol is retailing at Rs 115.85 while diesel costs Rs 106.62. Making the announcement, the Ministry of Finance in a press release stated, “The reduction in excise duty on diesel will be double that of petrol. The Indian farmers have, through their hard work, kept the economic growth momentum going even during the lockdown phase and the massive reduction in excise on diesel will come as a boost to the farmers during the upcoming Rabi season.” It added, “The Government of India has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet our requirements. Driven by the enterprising ability of India’s aspirational population, the Indian economy has witnessed a remarkable turnaround post the COVID-19 induced slowdown. All sectors of the economy – be it manufacturing, services or agriculture – are experiencing significant upward economic activity. To give a further fillip to the economy, the Government of India has decided to significantly reduce the excise duty on diesel and petrol.” The Centre further stated that the move will boost consumption and keep inflation low, thus helping the poor and middle classes. It also urged the states to commensurately reduce VAT on petrol and diesel to give relief to consumers. Auto fuel prices in the country differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels. In the global market, oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply, news agency Reuters reported. 📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines For all the latest India News, download Indian Express App. © IE Online Media Services Pvt Ltd