The price of petrol will come down by Rs. 9.5, while the diesel will be cheaper by Rs. 7 as the government announced a sharp cut in central excise duty on fuel prices on Saturday.
Reports reaching said that the central excise duty on petrol has been cut by ? 8 per litre and the same on diesel has been cut by Rs. 6 per litre.
This was stated by Union Finance Minister, Nirmala Sitharaman on her official Twitter handle.
She said that government will lose Rs. 1 lakh crore by taking the cut on central excise duties.
She also exhorted upon states to implement a similar cut and pass on the benefit to the common man.