GOI to reduce Excise Duty on Diesel from 4th November

NEW DELHI: A significant decision coming from Govt of India to reduce Central Excise Duty on Petrol by ₹5 & ₹10 on Diesel from tomorrow(4th November). Prices of petrol & diesel are hence expected to come down accordingly. The decision can be taken as a huge Diwali gift to the general public.

Ministry of Petroleum and Natural Gas tweeted on the 3rd November: “States are also urged to commensurately reduce VAT on Petrol & diesel to give relief to consumers.”

The Ministry by reducing excise duty on diesel wants to benefit the Indian farmers who are the pillars of the economic growth momentum even during the harsh pandemic phase. The government’s so-called “massive reduction in excise on diesel”, is yet to be tested on practical grounds as the decision comes in place just tomorrow.

“A boost to farmers during the upcoming Rabi season will give a further flip to the economy.”

Ministry of Petroleum and Natural Gas

The decision stands to be widely unpopular in some sectors, like the huge capital loss incurred on the petrol pump dealers pan India. It has the prowess to ruin not only their festival but general profit as well. Dealers can be seen demanding price protection as early as the announcement was made.

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