New Delhi: The Union Government has announced a cut in excise duty on petrol and diesel amid the festive season from tomorrow.
The excise duty on petrol will be slashed by ₹ 5 and that on diesel would be ₹ 10. This will provide a much-needed relief from the regular spiralling of fuel prices.
According to sources, prices of petrol and diesel will come down accordingly.
The cut in excise duty on diesel will be double that of petrol which is expected to boost the farmers during the upcoming Rabi season, according to an official statement from the government.
The Centre has also urged the states to slash value-added tax (VAT) on both fuels to provide further relief to consumers.
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