Government has reduced excise duty on petrol and diesel, how will the general public benefit from this decision?, Government has reduced excise duty on petrol and diesel. What will be the benefit to the general public from this decision?

New Delhi. Crude oil is becoming expensive due to the West Asia war. For this reason, the Central Government has decided to reduce excise duty on petrol and diesel to provide relief to the general public. The government has reduced the excise duty on petrol from Rs 13 to Rs 3 per liter and the excise duty on diesel from Rs 10 per liter to 0. Union Petroleum Minister Hardeep Singh Puri said that the Modi government had two options, either like all other countries, drastically increase the prices of petrol and diesel for the citizens of India or bear the burden itself so that Indian citizens remain safe from international instability.

The Union Minister said that fulfilling the commitment of his government for the last four years since the beginning of the Russia-Ukraine conflict, Prime Minister Modi has once again decided to bear the burden on his finances for the safety of Indian citizens. In this era of skyrocketing prices of petrol and diesel at international level, the government has drastically cut its tax revenue to reduce the huge losses of oil companies (about Rs 24 per liter on petrol and Rs 30 per liter on diesel). Also, due to huge increase in international prices of petrol and diesel, export tax has also been imposed and any refinery exporting to foreign countries will have to pay export tax.

Puri said that in the last one month, international crude oil prices have skyrocketed from about $70 per barrel to about $122 per barrel. As a result, prices of petrol and diesel have increased for consumers around the world. Prices have increased by about 30%-50% in South-East Asian countries, 30% in North American countries, 20% in Europe and 50% in African countries. He said that the global situation still remains uncertain, and we are continuously monitoring the situation related to energy, supply chain and essential commodities. Under the leadership of Prime Minister Modi, the government is ensuring that the supply of fuel, energy and other essential commodities in the country continues without any interruption. We are fully prepared to deal with every possible challenge.