Petrol, Diesel to be cheaper by ₹ 9.5 and ₹ 7 as govt slashes central excise duty

Srinagar, May 21 : The price of petrol will come down by ₹ 9.5, while the diesel will be cheaper by ₹ 7 as the government announced a sharp cut in central excise duty on fuel prices on Saturday.

Reports reaching Kashmir News Service (KNS) said that the central excise duty on petrol has been cut by ₹ 8 per litre and the same on diesel has been cut by ₹ 6 per litre.

This was stated by Union Finance Minister, Nirmala Sitharaman on her official Twitter handle.

She said that government will lose ₹ 1 lakh crore by taking the cut on central excise duties.

She also exhorted upon states to implement a similar cut and pass on the benfit to the common man. (KNS)