Govt cuts basic excise duty on petrol, diesel by Rs 2/litre

Government on Tuesday reduced basic excise duty rate on petrol and diesel, both branded and unbranded, by Rs 2/litre with effect from October 4, 2017.

"This has been done to cushion impact of rising international prices of crude petroleum oil & petrol & diesel on their retail sale prices," the Finance Ministry said.

Govt of India has reduced Basic Excise Duty rate on Petrol & Diesel [both branded and unbranded] by Rs. 2 per litre w.e.f. 4th October,2017

— Ministry of Finance (@FinMinIndia) October 3, 2017

This has been done to cushion the impact of rising international prices of crude petroleum oil & petrol & diesel on their Retail Sale Prices

— Ministry of Finance (@FinMinIndia) October 3, 2017

Revenue loss on a/c of these reductions in excise duty is about Rs.26,000 crore in full year& Rs13,000 crore in remaining part of Current FY

— Ministry of Finance (@FinMinIndia) October 3, 2017

This decision has also been taken by the Government of India in order to protect the interest of common man.

— Ministry of Finance (@FinMinIndia) October 3, 2017