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As Diwali offer, Centre reduces fuel prices
By: Tupaki Desk | 4 Nov 2021 7:31 AM GMT
As a big relief to people from the soaring fuel prices, the Indian Government came with a piece of good news announcing that excise duty on petrol and diesel will be reduced resulting in a slash of Rs 5 and Rs10 per litre respectively. The announcement was made a day ahead of Diwali.
While announcing the news of reducing the excise duty on fuel, the union government also urged the state governments to reduce the Value Added Tax(VAT) on the fuel prices.
Following this,the BJP ruled states have also announced that the VAT would be reduced on the fuel prices.The development comes as a big relief to people who have been seeing stars with the fuel prices.
As a result, the metro cities saw a big drop in the fuel prices. Due to the cut in the fuel prices, the Centre will face a loss of more than one lakh crore every year.
It has to be noted that the fuel prices are going up at regular intervals making it tough for the people to fill the fuel for their commute. Looking at the picture of overall India, the petrol price is more than 115 per litre and after the price slash, it has come down to Rs 110 per litre.
While announcing the news of reducing the excise duty on fuel, the union government also urged the state governments to reduce the Value Added Tax(VAT) on the fuel prices.
Following this,the BJP ruled states have also announced that the VAT would be reduced on the fuel prices.The development comes as a big relief to people who have been seeing stars with the fuel prices.
As a result, the metro cities saw a big drop in the fuel prices. Due to the cut in the fuel prices, the Centre will face a loss of more than one lakh crore every year.
It has to be noted that the fuel prices are going up at regular intervals making it tough for the people to fill the fuel for their commute. Looking at the picture of overall India, the petrol price is more than 115 per litre and after the price slash, it has come down to Rs 110 per litre.
