News Analysis India

Tag: Diwali fuel price petrol diesel

  • After Centre excise duty cut, Goa govt announces more reduction in petrol, diesel prices

    By PTI

    PANAJI: Hours after the Centre cut excise duty on petrol and diesel, the Goa government on Wednesday, November 3, 2021, night further slashed taxes on the two fuels to make them cheaper in the coastal state.

    The Centre cut excise duty on petrol and diesel by a record Rs 5 and Rs 10 per litre to help bring down rates from their highest-ever levels.

    The excise duty reduction is effective from November 4, the day of Diwali festival.

    ALSO READ: Government slashes petrol excise duty by Rs 5 and diesel excise duty by Rs 10

    Goa chief minister Pramod Sawant, in a message on social media, said the prices of petrol and diesel will be reduced by Rs 12 per litre and Rs 17 per litre, respectively, in the state.

    He said the reduction in fuel prices is a “great Diwali gift” given to Indians by the Modi government.

    Sawant wrote “The Modi Govt has given a great Diwali gift to all Indians by announcing reduction in Excise Duty on Petrol and Diesel. I thank the Hon’ble PM Narendra Modi Ji as this decision shall give great relief to common man and help control inflation.”

    In addition, the Government of Goa shall reduce additional Rs 7 on petrol and Rs 7 on diesel, thereby reducing the price of diesel by Rs 17 per litre and petrol by Rs 12 per litre.

  • Centre reduces excise duty on petrol by Rs 5, on diesel by Rs 10

    By PTI

    NEW DELHI: Buckling under pressure, the government on Wednesday, November 3, 2021, cut the excise duty on petrol and diesel by Rs 5 and Rs 10 respectively to bring down retail rates from record highs.

    The announcement comes on the eve of Diwali which will help bring down the skyrocketing prices of fuel and provide some relief to the common man battling inflation.

    “Government of India has taken a significant decision of reducing Central Excise Duty on Petrol & Diesel by Rs 5 and Rs 10 respectively from tomorrow.

    Prices of petrol and diesel will thus come down accordingly,” an official statement said.

    Farmers have, through their hard work, kept the economic growth momentum going even during the lockdown phase and the massive reduction in excise on diesel will come as a boost to them during the upcoming Rabi season, it added.

    In recent months, crude oil prices have witnessed a global upsurge.

    Consequently, domestic prices of petrol and diesel had increased in recent weeks, exerting inflationary pressure, it said.