Excise duty on petrol and diesel reduced by â¹2 per litre
The government has reduced the Basic Excise Duty rate on both branded and unbranded petrol and diesel by â¹2 per litre with effect from October 4. The decision was taken to cushion the impact of rising international crude oil price, the Finance Ministry said. Revenue loss on account of these reductions is â¹26,000 crore for a full year, it added.