Basic Excise on petrol and diesel to reduce from today

New Delhi, Oct 4 (KNN) In order to cushion the impact of rising international prices of crude petroleum oil and petrol and diesel on Retail Sale Prices of Petrol and Diesel as well as to protect the interest of common man, the government announced reducing the Basic Excise Duty rate on Petrol and Diesel.

Ministry of Finance in a press statement informed about the latest move. The Ministry said that the excise on both branded and unbranded is to b reduced by Rs. 2 per litre with effect from 4th October.

The Ministry further informed that the Revenue loss on account of these reductions in excise duty is about Rs. 26,000 crore in a full year, and about Rs. 13000 crore during the remaining part of the current financial year.

The announcement comes as a response to the the increase in the international prices of Petrol and Diesel, during the last few weeks following which the Retail Selling Prices (RSP) of Petrol and Diesel at Delhi have risen to Rs. 70.83/litre and Rs. 59.07/litre respectively in the country, the Ministry added.

Also the hike in the prices of petrol and diesel is also reflected in WPI inflation, which has increased to 3.24% for the month of August 2017, as compared to 1.88% for the month of July 2017.

Taking cognizance of the concerns, the government has decided to reduce the basic excise, the Ministry added. (With PIB Inputs) (KNN/DA)