Petrol price to come down by ₹9.5 and diesel by ₹7 + ₹200 Subsidy On Gas Cylinders.

May 21, 2022 07:00 pm

Finance Minister Nirmala Sitharaman announced a cut in central excise duty on fuel prices to beat the rising inflation.

The central excise duty on petrol has been cut by Rs 8 per litre and the same on diesel has been cut by Rs 6 per litre, said Ms Sitharaman. The government says it will lose Rs 1 lakh crore by taking the cut on central excise duties.

The Minister exhorted states to implement a similar cut and pass on the benefit to the common man.

"I wish to exhort all state governments, especially the states where reduction wasn't done during the last round (November 2021), to also implement a similar cut and give relief to the common man," appealed Ms Sitharaman.

Also, the government will give Rs 200 per cylinder subsidy to Ujjwala Yojana beneficiaries for 12 cylinders in a year to help ease some of the burden arising from cooking gas rates rising to record levels.