Ministry of Finance has informed that it has decided to reduce Central Excise Duty on Petrol & Diesel by Rs. 5 and Rs. 10 respectively from 4th November, 2021 on the eve of Diwali. Whereas, Prices of petrol & diesel will thus come down accordingly.
The reduction in excise duty on diesel will be double that of petrol. The reduction in excise duty on Petrol and Diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes.
Further, finance ministry has urged States to commensurately reduce VAT on Petrol and diesel to give relief to consumers.