Centre cuts excise duty on petrol, diesel

Delhi, May 22: Giving relief to the people, the Centre took the decision to reduce excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre. With this, the price of petrol will be reduced by Rs 9.50 per litre and of diesel by Rs 7 per litre.  
 
Meanwhile, the Central government also decided to give a subsidy of Rs 200 per gas cylinder to over nine crore beneficiaries of Pradhan Mantri Ujjwala Yojana. 
 
Central Finance Minister Nirmala Sitharaman said that the excise cut on petrol will have a revenue implication of about Rs 1.5 lakh crore per year on the government. And the subsidy on gas cylinder will cost a revenue of Rs 6,100 crore per year to the exchequer. 
 
The Centre is also reducing customs duty on raw materials and plastic products. Similarly, the Centre is also reducing excise duty on raw materials for iron and steel to reduce their prices.