Centre announces cuts in petrol, diesel excise duty on Diwali eve

Bringing some Diwali cheer, the centre Wednesday cut Central Excise Duty on petrol & diesel by Rs. 5 and Rs. 10 respectively.

The cut would come into effect from tomorrow, an official statement said, adding that the move would bring down prices of petrol & diesel accordingly.

“To give a further fillip to the economy, the Government of India has decided to significantly reduce the excise duty on diesel and petrol, ” the statement said.

States are also urged to commensurately reduce VAT on Petrol and diesel to give relief to consumers, it said.

The reduction in excise duty on Petrol and Diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes, ” it added.