Guwahati: In a big relief to the masses, The Central Government on Wednesday announced to reduce the Central Excise Duty on Petrol & Diesel by Rs 5 and Rs 10 respectively. In consonance with the decision of the Centre, Assam government also announced the slashing of VAT by Rs 7 in every litre of petrol and diesel with immediate effect.
Informing about the move, Assam Chief Minister Himanta Biswa Sarma tweeted, “Heartening to learn Central Govt decision to reduce excise duty on petrol and diesel. In consonance with the decision of Honble PM @narendramodi, I am pleased to announce that Assam Govt will also reduce VAT on petrol and diesel each by Rs 7/- with immediate effect”
Heartening to learn Central Govt decision to reduce excise duty on petrol and diesel. In consonance with the decision of Honble PM @narendramodi, I am pleased to announce that Assam Govt will also reduce VAT on petrol and diesel each by Rs 7/- with immediate effect @nsitharaman
— Himanta Biswa Sarma (@himantabiswa) November 3, 2021
The reduction in excise duty on diesel will be double that of petrol.
The Indian farmers have, through their hard work, kept the economic growth momentum going even during the lockdown phase and the massive reduction in excise on diesel will come as a boost to the farmers during the upcoming Rabi season.
In recent months, crude oil prices have witnessed a global upsurge.
Consequently, domestic prices of petrol and diesel had increased in recent weeks exerting inflationary pressure.
The world has also seen shortages and increased prices of all forms of energy.
The Government of India has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet our requirements.
The reduction in excise duty on Petrol and Diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes. Today’s decision is expected to further spur the overall economic cycle.