Union Finance Minister Nirmala Sitharaman on Saturday (May 21) announced that the price of petrol will be reduced by Rs 9.5/litre, whereas the diesel prices will see a cut of Rs 7/litre due to a sharp cut in central excise duty on fuel prices.
"We are reducing the Central excise duty on Petrol by Rs 8 per litre and on Diesel by Rs 6 per litre. This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre," said Union Finance Minister Nirmala Sitharaman.
It will have a revenue implication of around Rs 1 lakh crore/year for the government.
Finance Minister Sitharaman also said that the Modi government 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 have a revenue implication of around Rs 6,100 crore a year.
Union Finance Min Nirmala Sitharaman said, We are also reducing the customs duty on raw materials & intermediaries for plastic products where our import dependence is high. Import duty on some raw materials of steel will be reduced. Export duty on some steel products will be levied.
Measures are being taken up to improve the availability of Cement and through better logistics to reduce the cost of cement.
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