On the eve of Diwali, the Government of India, led by Prime Minister Narendra Modi, announced a reduction in the excise duty levied on petrol and diesel.
Amid the growing concern over rising fuel prices across the country, the centre has reduced excise duty on petrol by Rs 5 and Rs 10 on diesel.
According to a statement by the Centre, the reduction in excise duty on diesel and petrol will boost the farmers’ income during the upcoming Rabi season.
The statement further read: “The world has seen shortages and increased prices of all forms of energy. The Government of India has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet our requirements.”
Notably, taxes levied on fuel in the country are among the highest in the world. Furthermore, the Centre has also urged the states to reduce VAT on petrol and diesel to give relief to consumers.