The Centre has slashed basic excise duty rate on Petrol and Diesel prices by Rs 2 per litre. The new rates will come into effect on Wednesday.
“The Centre has reduced basic excise duty rate by Rs 2 per litre on petrol & diesel (both branded & unbranded),” the finance ministry said in a tweet.
It further said,” This has been done to cushion the impact of rising international prices of crude petroleum oil and petrol and diesel on their Retail Sale Prices.”
In another tweet, the ministry added,” This decision has also been taken by the Government of India in order to protect the interest of common man.”
Govt of India has reduced Basic Excise Duty rate on Petrol&Diesel [both branded& unbranded] by Rs 2 per litre w.e.f. Oct 4: Finance Ministry— ANI (@ANI) October 3, 2017
Union Petroleum minister Dharmendra Pradhan had announced that prices of fuel may come down by Diwali.