Finance Minister Nirmala Sitharaman announced on Saturday 21st May 2022 that the central government has decided to reduce the central excise duty on petrol and diesel. Excise duty on petrol will be reduced by rupees 8 per litre while that on diesel will be reduced by rupees 6 per litre. This will eventually reduce the retail petrol price by 9.5 rupees and the diesel price by 7 rupees.
Sharing the information, Finance Minister Nirmala Sitharaman tweeted, “We are reducing the Central excise duty on Petrol by ₹ 8 per litre and on Diesel by ₹ 6 per litre. This will reduce the price of petrol by ₹ 9.5 per litre and of Diesel by ₹ 7 per litre. It will have a revenue implication of around ₹ 1 lakh crore/year for the government.”
7/12 We are reducing the Central excise duty on Petrol by ₹ 8 per litre and on Diesel by ₹ 6 per litre.
— Nirmala Sitharaman (@nsitharaman) May 21, 2022
This will reduce the price of petrol by ₹ 9.5 per litre and of Diesel by ₹ 7 per litre.
It will have revenue implication of around ₹ 1 lakh crore/year for the government.
Nirmala Sitharaman also announced that the gas cylinder prices will be subsidized by 200 rupees per cylinder for the connections under the Pradhan Mantri Ujjwala Yojana. This will be applicable for 12 cylinders in a calendar year. She tweeted, “Also, this year, we will give a subsidy of ₹ 200 per gas cylinder (up to 12 cylinders) to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana. This will help our mothers and sisters. This will have a revenue implication of around ₹ 6100 crores a year.”
9/12 Also, this year, we will give a subsidy of ₹ 200 per gas cylinder (upto 12 cylinders) to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana. This will help our mothers and sisters. This will have a revenue implication of around ₹ 6100 crore a year. #Ujjwala
— Nirmala Sitharaman (@nsitharaman) May 21, 2022
This change in the prices of petrol, diesel and gas cylinders has come as a great relief for the common man as the prices were soaring during past few weeks.
