Business Standard

Centre reduces excise duty on petrol by Rs 8/ltr, diesel by Rs 6/ltr

Inflation bites exchequer as move will reduce FY23 revenue by Rs 85,000 cr

GST on petroleum
Premium

Arup Roychoudhury New Delhi
The Modi government, on Saturday, slashed central excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 litre, a move that will bring relief as household incomes continue to be hit by inflation.

Making the announcement on Twitter, Finance Minister Nirmala Sitharaman said that this will reduce the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre. This will lead to revenue foregone for the centre of about Rs 1 trillion per annum, she said, and asked states to also reduce their duties on petrol and diesel.

Sitharaman also said

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 21 2022 | 7:57 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com