Petrol, diesel prices slashed as Narendra Modi government cuts excise duty by Rs 2 per litre

By: | Updated: October 4, 2017 10:48 AM

Petrol, diesel prices cut: Modi government on Tuesday evening announced to cut excise duty on petrol, diesel by Rs 2 per litre. The new petrol and diesel price rates became effective from midnight.

petrol price, diesel price, fuel prices, excise duty, narendra modi, modi government, finance ministry, pm narendra, petrol rate, diesel rate, petrol price in delhi, diesel price in delhi, fuel rate in delhi, petrol price in india, diesel price in indiaPetrol, diesel prices cut: The government on Tuesday evening announced to cut excise duty on petrol, diesel by Rs 2 per litre. The new rates became effective from midnight.

Petrol, diesel prices cut: In a relief to the common man, the central government on Tuesday evening announced to cut excise duty on petrol, diesel by Rs 2 per litre. The new rates became effective from midnight. Keeping in view the festive season, the fuel price cut has come as some relief to common man. “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, ” Finance Ministry tweeted. “This has been done to cushion the impact of rising international prices of crude petroleum oil & petrol & diesel on their Retail Sale Prices,” Finance Ministry added in another tweet.

Moreover, the ministry tweeted,”Revenue loss on a/c of these reductions in excise duty is about Rs.26,000 crore in full year and Rs 13,000 crore in remaining part of Current FY. This decision has also been taken by the Government of India in order to protect the interest of common man.”

Earlier, in the day, CNG prices were hiked by up to Rs 1.26 per kg in the national capital and adjoining cities following a 16.5 per cent rise in domestic natural gas price. The price of piped natural gas (PNG) supplied to kitchens was also raised by 80 paisa per standard cubic meter in Delhi and 91 paise per scm in adjoining cities.

Indraprastha Gas Ltd, the sole supplier of CNG to automobiles and piped cooking gas to households in Delhi and the national capital region, said the increase in CNG price will be 95 paisa per kg in Delhi. For users in Noida, Greater Noida and Ghaziabad, the increase would be Rs 1.26 per kg because of differential tax rates, IGL said. The increase in rates follow government raising natural gas price by 16.5 per cent to USD 2.89 per million British thermal unit, the first increase in nearly three years.

The new CNG price in Delhi is Rs 39.71 per kg and Rs 49.20 per kg in Noida, Greater Noida & Ghaziabad. The price of CNG being supplied in Rewari in Haryana as a part of trial run is being increased by Re 1 per kg from Rs 49.67 per kg to Rs 50.67 per kg, it said.

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