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Petrol, Diesel Prices Drop as Govt. Cut Excise Duty Rates
October 05, 2017
This Tuesday, the government announced a reduction in the excise duties of both diesel and petrol by Rs. 2 per liter each. This will set the exchequer back by Rs. 13,000 during the second half of the financial year. However, it will also ease the political pressure that was growing lately because of public agitation stemming from increased prices of these commodities.
This is the first time that Narendra Modi government has slashed the prices on petroleum products. Until now, it had increased the excise on petrol by 126% and diesel by 386% since 2014, i.e. the year it came to power.
