Finance Minister Arun Jaitley tabled the Budget 2018. Among many other announcements, he ensured relief to the consumers by slashing excise duty on petrol and diesel.
The price of petrol and diesel has effectively come down by Rs 2 per litre after the government cut the excise duty. This includes both the qualities – branded and unbranded petrol and diesel. This move was expected after the petrol and diesel prices reached an all-time high in the past month.
Earlier, the excise duty was levied at Rs 14.14 – which includes unbranded and branded petrol – the overall excise duty cut for the petrol amounts to Rs 10.14. Similarly, for diesel, the earlier excise was Rs 19.02 and is now Rs 15.02.
Following the international norm of daily revision of fuel prices, the price of petrol hit a fresh record of Rs 80 per litre in Delhi, Mumbai, Bangalore, Pune, Chennai and Noida on Thursday.
The excise cut has been enforced after the Petroleum Ministry had sent in their recommendations to the higher authorities.