central excise duty

Union finance minister Nirmala Sitharaman said on May 21 that the Centre has chosen to decrease the national excise duty on petrol by ₹8 per litre and diesel by ₹6 per litre. The measure would lower the price of petrol by ₹9.5 per litre and diesel by ₹7 per litre. "It will have a revenue implication of around ₹1 lakh crore per year for the government," finance minister said.