Huge reduction of Rs 10 in excise duty on petrol and diesel, a big decision of the government amid the war crisis.

Central Excise Duty Reduction India: In view of the ongoing tension and war situation in West Asia, the Central Government has taken a historic step to keep the country’s economy stable. Finance Minister Nirmala Sitharaman has made an important announcement of reducing the Central Excise Duty on petrol and diesel by Rs 10 each per liter. The main objective of this decision is to completely protect Indian consumers from the huge fluctuations in international crude oil prices. The government, under the leadership of Prime Minister Narendra Modi, has ensured that citizens are protected from the rising costs of essential commodities.

Global crisis and control on prices

Due to the increasing tension between America, Israel and Iran in West Asia, there is a severe shortage of fuel and rising prices all over the world. Oil prices are skyrocketing in India’s neighboring countries like Pakistan and Sri Lanka, but the Indian government has taken this step to control inflation. This reduction in excise duty will go a long way in curbing possible price increases in the future, which will provide relief to the general public during the global crisis.

New figures of duty reduction

After this decision of the government, now the excise duty on petrol has come down from Rs 13 per liter to only Rs 3 per liter. The relief given on diesel is even bigger because now the excise duty of Rs 10 on it has been completely abolished and reduced to zero. This significant change in oil prices is being seen as a huge financial relief for small traders and the general public which impacts business.

Benefits to oil companies and the public

Experts say that due to reduction in duty, there may not be a big change in prices for the general public immediately, but it is a big relief for oil companies. This government intervention would prove to be very effective and helpful in reducing the huge losses that companies were incurring due to rising costs due to the war. According to Punjab Petroleum Association, with this decision it will now be possible to avoid oil inflation caused by war, which is necessary for the economic stability of the country.

assurance of supply and security

Finance Minister Nirmala Sitharaman has assured the public through social media that there is no shortage of petrol and diesel in the country. He clarified that despite the international crisis, fuel supply in India is continuing and there is no possibility of any shortage. By taking this step, the government has provided a strong protection shield to the common consumers from global cost fluctuations so that the standard of living is not affected.

Also read: Excise Duty Cut: Relief to the public, but trouble to the treasury! Government will suffer loss of ₹7,000 crore in just 15 days

Feedback from small traders

Traders and local citizens of Rajkot have welcomed this bold decision of the government and termed it very beneficial and timely from business point of view. Any change in fuel prices directly affects the cost of freight transportation, thereby reducing the net profits of small industries. Due to reduction in excise duty, the prices of goods will remain stable in the market and it will be of great help to small traders in running their business smoothly.