New Delhi: May 21, 2022 -The price of petrol will come down by ₹ 9.5, while the diesel will be cheaper by ₹ 7 as Finance Minister Nirmala Sitharaman announced a sharp cut in central excise duty on fuel prices amid surging inflation.
The central excise duty on petrol has been cut by ₹ 8 per litre and the same on diesel has been cut by ₹ 6 per litre, said Ms Sitharaman. The government says it will lose ₹ 1 lakh crore by taking the cut on central excise duties.
The Minister exhorted states to implement a similar cut and pass on the benefit to the common man.
