Fuel relief at last! Govt slashes petrol, diesel excise by ₹10
Move aims to provide relief to consumers and control rising fuel prices amid ongoing crisis.
New Delhi (The Uttam Hindu): Amid a global crude oil supply crisis the central government has reduced excise duty on petrol and diesel providing relief to oil companies. The excise duty on petrol has been cut from ₹10 to ₹3 per litre while diesel duty has been reduced to zero.
The decision comes as oil companies face higher costs due to expensive crude oil imports. However VAT imposed by state governments will remain unchanged. Earlier excise duty stood at ₹13 per litre on petrol and ₹10 per litre on diesel.
Fuel prices continue to remain high in major cities. Petrol in Delhi is priced at ₹94.77 per litre and diesel at ₹87.67. In Noida petrol costs ₹94.85 and diesel ₹87.98 while in Mumbai petrol is ₹103.54 and diesel ₹90.03 per litre.
If oil companies pass on the benefit of this reduction to consumers petrol and diesel prices could fall by up to ₹10 per litre. At present the relief is limited to the excise duty cut.