New Delhi, Oct 3: Bowing to public pressure, the government today cut excise duty on petrol and diesel by Rs 2 per litre to moderate the relentless rise in fuel prices witnessed for the last three months.
“Govt of India has reduced Basic Excise Duty rate on petrol and diesel [both branded and unbranded] by Rs 2 per litre w.e.f. 4th October,2017,” the finance ministry said in a tweet.
Prices of petrol and diesel will be reduced by the amount of duty cut with effect from tomorrow.
The duty reduction will lead to a Rs 13,000 crore loss of revenue to the government during the remaining period of the fiscal. PTI