New Delhi, May 22 (LAB) The Petrol price was slashed by Rs 8.69 a litre and diesel by Rs 7.05 per litre on Sunday after the government announced the cutting of excise duty on auto fuels.
The high fuel prices have also pushed inflation to a record high and consumers are badly battered and are suffering.
The government on Saturday announced a record Rs 8 per litre cut in excise duty on petrol and Rs 6 per litre reduction on diesel. A Rs 200 subsidy on LPG cylinders for the poor and a rejig of import duties on plastic and steel products were also announced.
Union Finance Minister Nirmala Sitharaman said that the entire cost of the fuel price cut announced on Saturday will be borne by the Centre, which will be from the Road & Infrastructure Cess (RIC) component of the taxes levied on petroleum products.
She said that Basic Excise Duty, a component that the Centre shares with the States, would remain the same and so the burden will only be on the Centre./ LAB/SNG