Prime Minister Narendra Modi’s government has come to the rescue of people who faced big difficulty with spiraling fuel prices. The union government ha cut basic excise duty on petrol and diesel by Rs 2 per litre from Wednesday.
With this, the fuel prices will go down by Rs 2 per litre across the country. Petrol and diesel prices hit the roof ever since the centre announced daily revision of prices.
The Union Finance Ministry said that the government took decision to reduce excise duty to protect the interest of the common man.
“Revenue loss on a/c (account) of these reductions in excise duty is about Rs.26,000 crore in full year (and) Rs13,000 crore in remaining part of Current FY,” the Arun Jaitley-headed Ministry of Finance tweeted.
The ministry also claimed that the basic excise duty on petrol and diesel has been reduced in order to “cushion the impact of rising international prices of crude petroleum oil & petrol & diesel on their Retail Sale Prices.”