New Delhi: As Diwali Arrives, the Central government has announced a reduction of excise duty on petrol and diesel. Petrol and Diesel are at an all-time high in India due to which civilians are feeling heavy expenses in recent times.
As Per the media reports, the Centre has decided to slash Excise duty by Rs 5 on petrol and by Rs 10 on diesel. This is more like a Diwali gift from govt as has the new prices will be effective from 4th November on the eve of Diwali.
On 3rd November, petrol price remained unchanged in India. In the national capital Delhi, petrol stood at Rs 110.04/ Liter. Whereas, Diesel stood at Rs 98.42. Madhya Pradesh is the worst hit due to this VAT policy.
Automobile fuel prices in the country differ from state to state depending on the local taxation (VAT) and freight charges. Adding to this, the central government charges an excise duty on auto fuels for revenue.
In the global market, oil prices are falling as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and pressure is mounted on OPEC to increase supplies.
States are also expected to reduce VAT after the move.