Breaking: Petrol Price cut by Rs 9.5, Diesel by Rs 7
price of petrol will be reduced by Rs 9.5, whereas the diesel prices will see a cut of Rs 7 due to a sharp cut in central excise duty on fuel prices. "
price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre," said Union Finance Minister Nirmala Sitharaman
Petrol diesel prices cut:
How much will government lose?
The government will lose roughly Rs 1 lakh crore in revenue as a result of the action
As a result, the finished product will be less expensive. Price rises have been fueled by the Ukraine crisis and global supply chain disruptions
India's wholesale and consumer prices rose at their quickest rates in years in April, leading the central bank to raise interest rates during an unexpected policy meeting earlier this month.
In yet another major move, the government has decided that this year it will give a subsidy of Rs 200 per gas cylinder (upto 12 cylinders) to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana.