New Delhi, May 21 :The price of petrol will come down by Rs 9.5, while the diesel will be cheaper by Rs 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 Rs 8 per litre and the same on diesel has been cut by Rs 6 per litre, said Ms Sitharaman.
The Ukraine crisis and global supply chain disruptions have stoked prices worldwide.
April saw India’s wholesale and consumer prices accelerate at their fastest in years, prompting the central bank to hike interest rates at an unscheduled policy meeting this month.
We are also reducing the customs duty on raw materials & intermediaries for plastic products where our import dependence is high. Import duty on some raw materials of steel will be reduced. Export duty on some steel products will be levied: Union Finance Min Nirmala Sitharaman
