October 3, 2017

Basic excise duty on petrol, diesel slashed by Rs 2

The government has slashed the excise duty on petrol and diesel by Rs 2 per litre. The new rate will come into effect from midnight.

"Govt of India has reduced Basic Excise Duty rate on Petrol & Diesel (both branded and unbranded) by Rs 2 per litre w.e.f. 4th October, 2017," the finance ministry said in a tweet on Tuesday.

This has been done to cushion the impact of rising international prices of crude petroleum oil and petrol and diesel on their Retail Sale Prices, it added.

The ministry said the exchequer will bear a revenue loss Rs 26,000 crore as a result of this reduction in excise duty. But the decision was taken to safeguard the "interest of common man".

Bullshit... 

If the govt was so serious or concerned about this so called "interest of common man", why the hell did it NOT pass on benefit of price fall to the common man when prices were falling? Why it kept increasing excise rates?

Why does the government not say how much it earned when prices were falling?

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