The federal government has reduced the excise duty on petrol and diesel. Finance Minister Nirmala Sitharaman has announced that the excise duty on petrol will be reduced by Rs 8 and on diesel by Rs 6.
Inflation hit an all-time high of 15 percent last April. The Reserve Bank of India (RBI) has demanded that the central government reduce petrol and diesel prices. Finance Minister Nirmala Sitharaman has announced that the excise duty on petrol will be reduced by Rs 8 and the excise duty on diesel by Rs 6.
This will reduce the retail price of petrol by 9 rupees to 50 rupees. Nirmala Sitharaman has said that the diesel price will be reduced by 7 rupees. The reduction in petrol and diesel prices has come into effect from today. Nirmala Sitharaman has demanded that state governments, especially in the opposition-ruled states that did not reduce prices last November, reduce taxes to ease the burden on the people.
Meanwhile, some state governments, including Kerala, have announced tax cuts. It has also been announced that a subsidy of Rs. 200 will be given to the beneficiaries who purchase within 12 gas cylinders per annum under the Prime Minister’s Ujwala scheme.
9 crore people will benefit from this. Nirmala Sitharaman has announced that steps will be taken to reduce the price of cement and reduce the import duty on plastics and steel. He also said that an additional Rs 10 lakh crore fertilizer subsidy will be given to farmers.