Petrol prices would fall by ₹ 9.5, while diesel prices will fall by ₹ 7, as Finance Minister Nirmala Sitharaman announced a steep reduction in government excise duty on fuel prices in the face of rising inflation.
The central excise duty on petrol has been reduced by $8 per litre, while the levy on diesel has been reduced by $6 per litre, according to Ms Sitharaman. The government claims that the reduction in central excise duty will cost them Rs 1 lakh crore.
The Minister urged states to undertake comparable cuts and pass the savings on to the general public.
"I would want to exhort all state governments, particularly those where reductions were not implemented during the previous round (November 2021), to likewise impose comparable cuts and provide assistance to the ordinary man," Ms Sitharaman said.
In addition, the government will provide a 200 per cylinder subsidy to Ujjwala Yojana participants for 12 cylinders in a year to assist alleviate some of the strain caused by increased cooking gas prices.
"This will help our mothers and sisters," Ms Sitharaman tweeted.
According to the Finance Minister, the gas cylinder subsidy will result in a "revenue implication of roughly 6,100 crores."
India's wholesale and consumer prices rose at the quickest rates in years in April, leading the central bank to raise interest rates during an unexpected policy meeting this month.
🕑 04 Feb,23 10:19p.m.
4% DA hike to be approved likely by this month end. 42% DA before Holi
🕑 04 Feb,23 10:55a.m.
Rajya Sabha Q&A : Comments Regarding Old Pension Scheme
🕑 03 Feb,23 10:14p.m.
Budget failed to address issues faced by Central govt. staff: NFIR
🕑 03 Feb,23 7:20a.m.
Defence Pensioners need to complete annual identification by Feb 20
🕑 02 Feb,23 1:35p.m.
CGA warns of disciplinary on AICAE Association's half day walkout
🕑 02 Feb,23 1:31p.m.
Bank DA for November 2022 to Jananuary 2023 @ 41.16%
🕑 01 Feb,23 10:12p.m.
Addnl HRA permissible for Central Govt Staff posted in difficult regions: HC
🕑 01 Feb,23 9:29p.m.
Dearness Relief payable to Pensioners for the period Feb - July 2023
🕑 01 Feb,23 5:20p.m.
Insurance policies with premium over Rs 5 lakh will get no tax exemption
🕑 01 Feb,23 2:33p.m.
Standard deduction of ₹52500/- extended in new regime, but not for lower income
🕑 02 Feb,23 8:28p.m.
What is Senior Citizen Savings Scheme which brought cheers to Sr. Citizens?
🕑 02 Feb,23 1:42p.m.
An additional ₹ 1 can can cost you ₹25,000 in IT under the new tax regime
🕑 01 Feb,23 8:57p.m.
Who should opt for the new tax regime?
🕑 31 Jan,23 8:35p.m.
Budget 2023: Here Are 5 Expected Income Tax Announcements
🕑 28 Jan,23 8:19a.m.
What does ChatGPT says about union budget 2023?
🕑 18 Jan,23 12:11p.m.
Explained: Income Tax Exemption Vs Rebate Vs Deductions
🕑 10 Jan,23 8:09p.m.
📈 Expected Dearness Allowance (DA) from January 2024 Calculator
🕑 04 Jan,23 8:41p.m.
DoPT consolidated instructions on Pay Fixation