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Petrol, Diesel Prices Cut Before Diwali, Government Reduces Excise Duty

Petrol, Diesel Prices Cut Before Diwali, Government Reduces Excise Duty

Petrol and diesel will get cheaper as excise duty on the commodities are now reduced

The excise duty on petrol and diesel will be reduced by Rs 5 and Rs 10 respectively from tomorrow, the government has announced on the eve of Diwali, aiming to provide relief to people reeling under the impact of spiralling fuel prices.

Prices of Petrol and Diesel will come down accordingly, sources said.

The reduction in excise duty on diesel will be double that of petrol and will come as a boost to the farmers during the upcoming Rabi season.

States have been urged by the Centre to reduce value added tax (VAT) on both the fuels to give relief to consumers.

Excise duty on petrol was hiked from Rs 19.98 per litre to Rs 32.9 last year to recoup gain arising from international oil prices plunging to multi-year low as pandemic gulped demand.

The decision is being seen as a Diwali sop to the burdened consumers, though earlier this week, prices of LPG cylinders had been hiked by oil marketing companies by Rs 266.