Nirmala Sitharaman, Union finance minister announced on Saturday that the Centre has decided to lower the central excise duty on petrol by ₹8 per litre and diesel by ₹6 per litre.
She noted that the measure will lower the price of petrol by ₹9.5 per litre and diesel by ₹7 per litre.
7/12 We are reducing the Central excise duty on Petrol by ₹ 8 per litre and on Diesel by ₹ 6 per litre.
This will reduce the price of petrol by ₹ 9.5 per litre and of Diesel by ₹ 7 per litre.It will have revenue implication of around ₹ 1 lakh crore/year for the government.
— Nirmala Sitharaman (@nsitharaman) May 21, 2022
In the series of tweets, Sitharaman also urged state governments to implement a similar cut. She tweeted, “I wish to exhort all state governments, especially the states where reduction wasn’t done during the last round (November 2021), to also implement a similar cut and give relief to the common man.”
She also stated that the Centre will provide a subsidy of ₹200 per gas cylinder (up to 12 cylinders) to the Pradhan Mantri Ujjwala Yojana’s over nine crore beneficiaries (Tweet 9/12).
In the series, she also announced reduction in custom duties on raw materials and intermediaries for plastic products which have high import dependence (Tweet 10/12). “We are also reducing the customs duty on raw materials & intermediaries for plastic products where our import dependence is high. This will result in reduction of cost of final products.”
Further extending relief to farmers, Sitharaman mentioned, “In addition to the fertiliser subsidy of ₹1.05 lakh crore in the budget, an additional amount of ₹1.10 lakh crore is being provided to further cushion our farmers.”
“Despite rising fertiliser prices globally, we have protected our farmers from such price hikes,” (Tweet 5/10).