Finance Minister Nirmala Sitharaman had announced on Saturday to cut excise duty on petrol by Rs. 8 per liter and on diesel by Rs. 6 per liter. With this announcement, the rates or petrol in Delhi now stand at Rs. 96.72 per liter, while the diesel is costing Rs. 89.62 per liter.
In Maharashtra, the Value Added Tax (VAT) has been reduced on petrol and diesel rates. After the reduction, the price for one liter of petrol stands at Rs. 111.35 and one liter of diesel is retailing at Rs. 97.28.
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Sharing the information on Twitter, Finance Minister Nirmala Sitharaman wrote, "We are reducing the central excise duty on petrol by Rs 8 per liter and on Diesel by Rs 6 per liter. This will reduce the price of petrol by Rs. 9.5 per liter and of diesel by Rs 7 per liter. It will have a revenue implication of around Rs 1 Lakh crore per year for the government."
Further, she also wrote, "Basic Excise Duty (BED), Special Additional Excise Duty (SAED), Road and Infrastructure Cess (RIC), and Agriculture and Infrastructure Development Cess (AIDC) together constitute Excise Duty on petrol and diesel. Basic ED is sharable with states. SAED, RIC, and AIDC are non-sharable."
Latest Rates of Petrol and Diesel in Various Cities
Delhi: Petrol is retailing at Rs. 96.72 per liter and Diesel is selling at Rs. 89.62 per liter.
Mumbai: Petrol is costing Rs. 111.35 per liter and Diesel is retailing at Rs. 97.28 per liter.
Kolkata: Petrol is selling at Rs. 106.03 per liter and Diesel is retailing at Rs. 92.76 per liter.
Chennai: Petrol is retailing at Rs. 102.63 per liter and Diesel is costing Rs. 94.24 per liter.
Bhopal: Petrol is selling at Rs. 108.65 per liter and Diesel is selling at Rs. 93.90 per liter.