Petrol price will be reduced by Rs 9.5 and diesel by Rs 7 per litre

The central government has cut excise duty on petrol and diesel. On Saturday, the government has reduced the excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 per liter.

Union Finance Minister Nirmala Sitharaman said, “We have reduced the central excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 per liter. This will reduce the price of petrol by Rs 9.5 per liter and that of diesel by Rs 7 per liter.

After the elections in five states ended in March, the prices of petrol and diesel started increasing and petrol had crossed Rs.100 per liter. Prices were increased for the first time after the elections on 22 March. Petrol prices were increased daily for the next several days.

However, between November 4 and March 22, when elections were going on in five states, the oil companies did not increase the price of petrol.

On 4 November 2021, petrol in Delhi was Rs 95.41 per liter and diesel Rs 86.67 per liter. Petrol prices in India are fixed daily on the basis of crude oil prices in the international market since June 2017.

Since March 22, the oil companies had increased the price several times, and the price of petrol had gone up to Rs 105.41 per liter. Now after cutting the central excise duty of the government, the price of petrol will be around Rs 96 per liter. It is being considered a big relief for the common people.

Earlier in November 2021, the central government and the governments of many states had cut the prices of petrol and diesel.

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