Fuel Prices Drop After Tax Cut, Centre To Lose Rs 1.4 Lakh Crore A Year
NDTV
Fuel prices were slashed on Thursday, November 4, across the country after the government reduced excise duty to bring down retail rates from record highs. The Centre's decision came on the eve of Diwali.
Petrol, Diesel Price Today: Fuel prices were slashed on Thursday, November 4, across the country after the government reduced excise duty to bring down retail rates from record highs. The Centre's decision came on the eve of Diwali.
In the national capital, petrol rates fell Rs 6.07 to 103.97, while diesel rates declined Rs 11.75 to Rs 86.67, according to Indian Oil Corporation. Petrol and diesel prices on Wednesday had touched an all-time high of Rs 110.04 and Rs 98.42 per litre respectively in Delhi after seven straight hikes.
The step to cut excise duty on fuel prices will cost the government Rs 1.4 lakh crore annually.
Also Read: Petrol, Diesel Prices Cut Before Diwali, Government Reduces Excise Duty
