Good News: Petrol price to reduce by Rs 9.5, diesel by Rs 7 as Centre cuts excise duty

[Kool_SRG]

[Kool_SRG]

[Kool_SRG]

Centre cuts excise duty on petrol, diesel; prices to drop by ₹9.5 and ₹7

Union finance minister Nirmala Sitharaman said the Centre will reduce the central excise duty on petrol by ₹8 per litre and on diesel by ₹6 per litre. 

 

The Centre has decided to reduce the central excise duty on petrol by ₹8 per litre and on diesel by ₹6 per litre, Union finance minister Nirmala Sitharaman said on Saturday. The move will reduce the price of petrol by ₹9.5 per litre and of diesel by ₹7 per litre, she added.

“It will have a revenue implication of around ₹1 lakh crore per year for the government,” the finance minister said in a series of tweets.

7/12 We are reducing the Central excise duty on Petrol by ₹ 8 per litre and on Diesel by ₹ 6 per litre.
This will reduce the price of petrol by ₹ 9.5 per litre and of Diesel by ₹ 7 per litre.

It will have revenue implication of around ₹ 1 lakh crore/year for the government.

Sitharaman also urged state governments to implement a similar cut.

“I wish to exhort all state governments, especially the states where the reduction wasn’t done during the last round (November 2021), to also implement a similar cut and give relief to the common man,” she tweeted.

The move comes on the day the price of CNG in the national capital was hiked by ₹2 per kg - the 13th increase in rates in just over two months. CNG in the national capital territory of Delhi now costs ₹75.61 per kg, up from ₹73.61 per kg, according to the information posted on the website of Indraprastha Gas Ltd (IGL) - the firm which retails CNG and piped cooking gas in the national capital and adjoining cities.

Mahanagar Gas Limited (MGL) has priced Compressed Natural Gas (CNG) at ₹76 per kg in Mumbai. Prices vary from city to city depending on the incidence of local taxes such as VAT.

Sitharaman also announced that the Centre will give a subsidy of ₹200 per gas cylinder (up to 12 cylinders) to over nine crore beneficiaries of the Pradhan Mantri Ujjwala Yojana. “This will help our mothers and sisters. This will have a revenue implication of around ₹6,100 crore a year,” she added.

“We are also reducing the customs duty on raw materials & intermediaries for plastic products where our import dependence is high. This will result in reduction of cost of final products,” she tweeted.

Extending further relief to farmers, Sitharaman said, “In addition to the fertiliser subsidy of ₹1.05 lakh crore in the budget, an additional amount of ₹1.10 lakh crore is being provided to further cushion our farmers.”

“Despite rising fertiliser prices globally, we have protected our farmers from such price hikes,” she said.

“Similarly, we are calibrating customs duty on raw materials & intermediaries for iron & steel to reduce their prices. Import duty on some raw materials of steel will be reduced. Export duty on some steel products will be levied,” the minister said

[Vaampire]

Good. If state govts follow, common people will get another 3-4 rupees saved

[Forgive_Me]

 

[chef]

Nice strategy raa… 30 10gu 8 return ivvu… and idiots will clap and whistle 

[Kool_SRG]

39 minutes ago, chef said:

Nice strategy raa… 30 10gu 8 return ivvu… and idiots will clap and whistle 

[mettastar]

Gudhandira vote lu

[Picheshwar]

2 hours ago, Kool_SRG said:

[Kool_SRG]

On 5/21/2022 at 7:31 PM, Vaampire said:

Good. If state govts follow, common people will get another 3-4 rupees saved

Maharashtra, Kerala, Rajasthan reduce VAT on petrol, diesel after Centre cuts excise duty

 

 

 

 

[Kool_SRG]

Maharashtra cuts VAT on petrol & diesel prices after Centre slashes excise duty

The Maharashtra government's move comes a day after the Centre reduced the excise duties on petrol and diesel by ₹8 and ₹6 per litre respectively. The reduction in excise duty meant the prices of petrol and diesel dipped by ₹9.5 per litre and ₹7 per litre respectively.

 

The Maharashtra government on Sunday reduced Value Added Tax (VAT) on petrol and diesel by ₹2.08 per litre and ₹1.44 per litre respectively. The reduction will be implemented with immediate effect, the Maharashtra government statement added. 

The Maharashtra government's move comes a day after the Centre reduced the excise duties on petrol and diesel by ₹8 and ₹6 per litre respectively. The reduction in excise duty meant the prices of petrol and diesel dipped by ₹9.5 per litre and ₹7 per litre respectively. 

While announcing the reduction in excise duties, finance minister Nirmala Sitharaman had said that the move will have a revenue implication of around ₹1 lakh crore per year for the government. 

Soon after the finance minister's announcement, Prime Minister Narendra Modi took to Twitter, saying the decisions showed that for his government, it is always people first. 

“Today's decisions, especially the the one relating to a significant drop in petrol and diesel prices will positively impact various sectors, provide relief to our citizens and further ‘Ease of Living’,” the prime minister had tweeted. 

Earlier in the day, The Rajasthan government reduced VAT on petrol by ₹2.48 per litre and ₹1.16 per litre on diesel, chief minister Ashok Gehlot had tweeted.

On the other hand, Kerala finance minister KN Balagopal said that the government had no plans to cut sales tax levied on fuel. This comes a day after the minister had issued a statement that the government would reduce tax on petrol by ₹2.41 per litre and diesel by ₹1.36 per litre. But the opposition accused the minister of misleading the people. “In the last six years we never increased tax on fuel. The state can’t afford to reduce tax at this juncture," he said.

 

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[TrishaManiac]

People's government

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elections coming by end of the year