The central government has given a big relief to the common man troubled by inflation. The government has said that it is reducing the central excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 per liter.
The central government has taken a big decision to give relief to the people from the high oil prices. The Modi government on Saturday announced reduction of excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 per liter. This will reduce the price of petrol by Rs 9.5 per liter and that of diesel by Rs 7 per liter. Union Finance Minister Nirmala Sitharaman said that this decision will affect the revenue of about Rs 1 lakh crore every year.
Appeal to states to reduce VAT
Union Finance Minister Nirmala Sitharaman made several other announcements to rein in inflation. He said that subsidy on cylinders would be provided under the Ujjwala scheme. He also urged the states to reduce VAT on petroleum products to provide relief to the common man. The government had similarly reduced excise duty on petrol and diesel in November last year on the eve of Diwali.
Petrol and diesel prices will be reduced
In November last year, on the eve of Diwali, the central government had reduced the excise duty on petrol by Rs 5 per liter and on diesel by Rs 10 per liter. Union Minister Sitharaman said that we are reducing the central excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 per liter. This will reduce the prices of petrol and diesel. Overall, petrol will be cheaper by Rs 9.5 per liter and diesel by Rs 7 per liter.
Import duty on steel raw material also reduced
Union Finance Minister Nirmala Sitharaman said that we are also reducing customs duty on raw materials for plastic products. Here our import dependence is high. Import duty on steel raw material will also be reduced. However, export duty will be levied on some steel products.
Efforts are being made to reduce the cost of cement
Union Finance Minister Nirmala Sitharaman further said that measures are being taken to improve the availability of cement and to reduce the cost of cement through better logistics.
Announcement of subsidy to the beneficiaries of Ujjwala scheme
The central government has also decided to give a subsidy of Rs 200 to 9 crore beneficiaries of the Ujjwala scheme. Union Finance Minister Nirmala Sitharaman further said- ‘We will give subsidy of Rs 200 per gas cylinder (up to 12 cylinders) to more than 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana. This will help our mothers and sisters.
The opposition was continuously attacking
It is worth mentioning that these reliefs have been announced by the Union Finance Minister Nirmala Sitharaman at a time when the government was being attacked by the opposition due to rising inflation. Congress was constantly besieging the government for rising petrol and diesel prices.
Fears were being raised about the increase in prices
It is also worth noting that Finance Minister Nirmala Sitharaman has made these announcements at a time when all the media reports were fearing increase in diesel petrol prices due to heavy losses to oil companies.
