Russian subsided oil: India significantly cuts petroleum prices across country
Finance Minister link Nirmala Sitharaman today took to twitter to announce a series of steps taken by the Narendra Modi government over the past one year- biggest of them in current context being the decision to reduce the central excise duty on Petrol by Rs 8 per litre and on diesel by Rs 6 per litre. Late in the evening, the government in circulur added that India will cut import duty on coal to 0% from 2.5%.
This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre. The move will have revenue implication of around Rs 1 lakh crore per year for the government.
"Today, the world is passing through difficult times. Even as the world is recovering from Covid-19 pandemic, the Ukraine conflict has brought in supply chain problems and shortages of various goods. This is resulting in inflation & economic distress in a lot of countries," she said in a series of tweets. [image: appinstlBnr] link "While the excise cut on petrol will have revenue implication of around Rs 1 lakh crore per year for the government, subsidy on gas cylinder will cost a revenue Rs6100 crore a year to the exchequer," categorically highlighted the finance minister.