The price of petrol will come down by Rs. 9.5, while the diesel will be cheaper by Rs. 7 as Finance Minister Nirmala Sitharaman announced a sharp cut in central excise duty on fuel prices amid surging 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.
\u201cI wish to exhort all state governments, especially the states where reduction wasn\u2019t done during the last round (November 2021), to also implement a similar cut and give relief to the common man,\u201d appealed Sitharaman.
Following the reduction in central excise duty, petrol price in the State capital Kohima will from Sunday cost Rs. 99.07 a litre as against Rs. 108.57 a litre currently while diesel will cost Rs. 87.62 a litre as opposed to the current price of Rs. 94.62 per litre.
In Dimapur petrol is expected to come to Rs. 97.96 per litre and diesel Rs. 86.73 a litre.
Petrol price in Delhi will cost Rs. 95.91 a litre while diesel will cost Rs. 89.67 a litre.
After the latest excise cut, the incidence of central tax on petrol will come down to Rs. 19.9 a litre and that on diesel to Rs. 15.8 per litre.
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. \u201cThis will help our mothers and sisters,\u201d tweeted Sitharaman. The Finance Minister said the gas cylinder subsidy will have a \u201crevenue implication of around Rs. 6,100 crore.\u201d
Defending the government amid steep price rise, the Minister said steps have been taken to cushion the poor. \u201cWe\u2019ve taken a number of steps to help the poor and middle class. As a result, the average inflation during our tenure has remained lower than during previous governments,\u201d she said.
Soon after the cuts were announced, Prime Minister Narendra Modi underlined that it is \u201calways people first for us\u201d and that the it will further the \u201cease of living\u201d.
A similar cut in central duties took place November last year, recalled Oil Minister Hardeep Puri. \u201cThis decision follows Nov \u201821 central excise cut of Rs. 5 on Petrol & Rs. 10 on Diesel. It underlines PM Modi Ji\u2019s unwavering commitment to concerns of citizens & showcases PM\u2019s leadership in crisis, despite refusal by some states to reduce prices & extraordinary supply constraints,\u201d tweeted Oil Minister Hardeep Puri.
Presently, petrol is selling at over Rs. 100 in most parts of the country. The rates vary across states due to the value-added tax (VAT). India is heavily dependent on imports to meet its oil needs and the domestic petrol and diesel prices are linked to international rates.
April saw India\u2019s wholesale and consumer prices accelerate at their fastest in years, prompting the central bank to hike interest rates at an unscheduled policy meeting this month.<\/p>\n","protected":false},"excerpt":{"rendered":"
The price of petrol will come down by Rs. 9.5, while the diesel will be cheaper by Rs. 7 as Finance Minister Nirmala Sitharaman announced a sharp cut in central excise duty on fuel prices amid surging inflation.The central excise duty on petrol has been cut by Rs. 8 per litre and the same on […]<\/p>\n","protected":false},"author":4,"featured_media":268235,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[679],"tags":[],"class_list":["post-268224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nagaland-news"],"_links":{"self":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/268224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/comments?post=268224"}],"version-history":[{"count":0,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/268224\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media\/268235"}],"wp:attachment":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media?parent=268224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/categories?post=268224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/tags?post=268224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}