Breaking: Government has Cut the Prices of Petrol by Rs 9.5 and Diesel by Rs 7 per liter – Check New Rates Here
Union Finance Minister Nirmala Sitharaman on Saturday announced that the Union government is reducing the Central excise duty on Petrol by Rs 8 per litre and on Diesel by Rs 6 per litre. This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre.
7/12 We are reducing the Central excise duty on Petrol by ₹ 8 per litre and on Diesel by ₹ 6 per litre.
This will reduce the price of petrol by ₹ 9.5 per litre and of Diesel by ₹ 7 per litre.It will have revenue implication of around ₹ 1 lakh crore/year for the government.
— Nirmala Sitharaman (@nsitharaman) May 21, 2022
It will have a revenue implication of around ₹ 1 lakh crore/year for the government.
Urging the state governments to implement a similar cut, the FM said, “I wish to exhort all state governments, especially the states where the reduction wasn’t done during the last round (November 2021), to also implement a similar cut and give relief to the common man.”
6/12 @PMOIndia has specifically asked all arms of the government to work with sensitivity and give relief to the common man.
Keeping in line with @PMOIndia @narendramodi ‘s commitment to help the poor & common man, TODAY, we are announcing more steps to help our people.
— Nirmala Sitharaman (@nsitharaman) May 21, 2022
Sitharaman made the announcements taking into account disruptions in supply chains caused by the Ukraine conflict as well as the world’s recovery from the Covid-19 pandemic. She said both these events had led to inflation and economic distress in numerous countries. Hence, she added, keeping in view the “challenging international situation” the Centre was committed to keep the prices of essential items under control.
“We’ve taken a number of steps to help the poor and the middle class. As a result, the average inflation during our tenure has remained lower than during previous governments,” Sitharaman said.
Sitharaman also said that the Modi government decided to give a subsidy of Rs 200 per gas cylinder (upto 12 cylinders) to over nine crore beneficiaries of Pradhan Mantri Ujjwala Yojana.