Govt to reduce excise duty on petrol by 8 per litre, diesel by 6 pc

Govt to reduce excise duty on petrol by 8 per litre, diesel by 6 pc

Finance Minister Nirmala Sitharaman said on Saturday that the government has decided to reduce the central excise duty on petrol by 8 per litre and diesel by 6 per litre.

The Finance Minister said on Twitter that this will reduce petrol prices by 9.5 per liter and diesel by 7 per liter.

I want to exhort all state governments, especially the states where reduction wasn't done during the last round of November 2021, to implement a similar cut and give relief to the common man, said Sitharaman in another tweet.

Sitharaman said that the government will give a subsidy of 200 per gas cylinder up to 12 cylinders to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana this year.

She explained that the Centre is reducing the customs duty on raw materials intermediaries for plastic products, where our import dependence is high. Sitharaman wrote on Twitter that this will result in a reduction of the cost of final products.

The Finance Minister stated that the government is adjusting customs duty on raw materials intermediaries for iron steel to reduce their prices. She stated that import duty on some raw materials of steel will be reduced and export duty on some steel products will be levied.

Sitharaman said measures are being taken up to improve the availability of cement and to improve logistics in order to reduce the cost of cement. According to Sitharaman, these announcements have been made in line with the government's commitment to helping the poor and the needy. She added that despite the challenging international situation, the government has ensured that there are no shortages or scarcities of essential goods.

We have protected our farmers from price hikes despite rising fertilizer prices around the world. In addition to the fertilizer subsidy of Rs 1.05 lakh crore in the budget, an additional amount of Rs 1.10 lakh crore is being provided to further cushion our farmers, said Sitharaman.

She said that the government is committed to keeping essential items under control.