Union Govt Cuts Excise Duty on Petrol by Rs8 and Diesel by Rs6 per Litre
Moneylife Digital Team 21 May 2022
Paying heed to anger among common people over increased fuel prices, the Union government on Saturday decided to reduce excise duty on petrol by Rs8 per litre and on diesel by Rs6 per litre. Further the government will also give Rs200 per cylinder subsidy for Ujjwala Yojana beneficiaries for 12 cylinders in a year, finance minister Nirmala Sitharaman says.
According to the FM, the cut in central excise duty will reduce the price of petrol by Rs9.5 per litre and of Diesel by Rs7 per litre.
In a series of tweets, Ms Sitharaman also announced reduction in the customs duty on raw materials and intermediaries for plastic products where our import dependence is high. This will result in reduction of cost of final products. 
"Similarly, we are calibrating customs duty on raw materials and intermediaries for iron and steel to reduce their prices. Import duty on some raw materials of steel will be reduced. Export duty on some steel products will be levied. Measures are being taken up to improve the availability of #Cement and through better logistics to reduce the cost of cement. Notifications with specific details on all the above will be issued by government within the next hour," the FM says.
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