Central Government cuts basic excise duty on petrol and diesel by Rs 2

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The central government has cut excise duties on petrol and diesel by Rs 2 per litre with effect from Wednesday, taking an annual hit of Rs 26,000 crore in tax revenue to cushion consumers from soaring fuel prices that have hit an all-time high in Delhi.

An official statement on Tuesday said the government acted swiftly to protect the common man as high fuel prices had also contributed to wholesale inflation rising to 3.44% in August from 1.88% in July. The duty cut, applicable on branded and unbranded petrol and diesel, would lead to a revenue loss of about Rs 13,000 crore in the remaining part of the current fiscal year, it said. Fuel prices have risen globally because hurricanes damaged refineries in the west, leading to lower of fuels.

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