Petrol and diesel prices to slash soon; excise duty reduced

Government slashed excise duty on petrol and diesel by Rs 2 per litre which will directly effect prices of Petrol and Diesel. This change will come in effect from today i.e Wednesday 4th october.

In a series of tweets, the Finance Ministry said that the decision has been taken to protect the "interest of the common man" while saying that the decision to reduce the basic excise duty on petrol and diesel will cause loses to the exchequer.

"Revenue loss on a/c (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 FY," the Arun Jaitley-headed Ministry of Finance tweeted.The ministry also said that reduce in excise was in order to "cushion the impact of rising international prices of crude petroleum oil & petrol & diesel on their Retail Sale Prices."