Govt Cuts Excise Duty On Petrol, Diesel - What It Means For You

Excise Duty on Petrol and Diesel: The government has reduced the special additional excise duty on petrol to Rs 3 per litre, down from Rs 13 earlier, effectively reducing the tax burden on the fuel. In the case of diesel, it has removed this duty altogether. Previously, the duty on diesel stood at Rs 10 per litre.

The decision comes as the West Asia conflict has choked crude oil supplies and drove up global oil prices by as much as 40 per cent.

Finance Minister Nirmala Sitharaman said the government’s priority is to ensure there is no shortage of petrol, diesel and aviation turbine fuel, and that retail prices do not rise because of global disruptions.

"Today, we have announced a decision, whereby we will be giving support to oil marketing companies (OMCs) so that they can import the material, and the common people do not have to face any hike in the price of petrol and diesel. We are ensuring that there is no price hike in petrol or diesel. Even for aviation turbine fuel (ATF), we are making sure that the prices do not go up," the Finance Minister told ANI.

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