Huge reduction on petrol, excise duty completely abolished on diesel, government gives big relief in times of crisis –

Tezzbuzz Desk- Amidst the challenges in global crude oil supply, the Central Government has taken a big step and drastically reduced the excise duty on petrol and diesel. The objective of this decision is to reduce the increasing pressure on oil companies and maintain stability in the market.

The government has reduced the excise duty on petrol by Rs 10 to Rs 3 per litre. At the same time, excise duty on diesel has been completely abolished. Earlier, excise duty was Rs 13 per liter on petrol and Rs 10 per liter on diesel. However, it is important to note that VAT levied by state governments will still be applicable.

Will petrol and diesel become cheaper?

After the cut in excise duty, it is expected that the prices of petrol and diesel may come down by up to Rs 10. But the final decision will depend on the oil companies whether they pass on this relief to the customers or not.

Current prices in major cities of the country

• Delhi: Petrol ₹94.77, Diesel ₹87.67 per liter
• Noida: Petrol ₹ 94.85, Diesel ₹ 87.98 per liter
• Mumbai: Petrol ₹ 103.54, Diesel ₹ 90.03 per liter
• Chennai: Petrol ₹100.80–₹101.06, Diesel ₹92.38–₹92.61 per liter
• Lucknow: Petrol ₹94.69–₹94.84, Diesel ₹87.81–₹88.05 per liter

Different stance of private companies

Amid government relief, private oil company Nayara Energy has recently increased the prices of petrol and diesel. The company has increased the price of petrol by Rs 5 and diesel by Rs 3 per liter.

The company says that they do not get government relief, so they have to increase prices to compensate for the rising costs. Naira has more than 6,900 petrol pumps operating across the country.

Government’s confidence amid panic buying

In recent days, crowds and panic buying were seen at petrol pumps in many cities. In view of this situation, the government has taken this step to make it clear that there is no shortage of oil in the country.

The government and oil companies have assured that adequate quantities of crude oil are being imported and adequate reserves of fuel are available in the country. People have been appealed not to panic and buy fuel in the normal manner.

Oil companies have got immediate relief from the reduction in excise duty. Now everyone’s eyes are on whether its benefits will reach the general public. If companies cut prices, fuel may become cheaper in the coming days.