The Centre on Saturday finally slashed excise duty on petrol and diesel by Rs 8 and Rs 6 per litre respectively. This will reduce the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre.

Taking to Twitter, Finance Minister Nirmala Sitharaman said, "It [Excise duty cut] will have revenue implication of around Rs one lakh crore/year for the government."

"I wish to exhort all state governments, especially the states where reduction wasn’t done during the last round (November 2021), to also implement a similar cut and give relief to the

common man," she added.

Amid inflation, Centre has also decided to give a subsidy of Rs 200 per gas cylinder (upto 12 cylinders) to over nine crore beneficiaries of Pradhan Mantri Ujjwala Yojana.

"This will help our mothers and sisters. This will have a revenue implication of around Rs 6,100 crore a year," Sitharaman said.

"We are also reducing the customs duty on raw materials & intermediaries for plastic products where our import dependence is high. This will result in a reduction in the cost of final products," Sitharaman added.
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