Government reduces excise duty by Rs.5/litre on petrol, Rs.10/litre on diesel
News: The central government reduced excise duty on petrol and diesel by Rs.5 and Rs.10 per litre from November 4. Many state governments also reduced VAT on petrol & diesel.
Views: Following increase in global oil prices, excise duty and VAT reduction is being done to lower prices in the country. This gives OMCs headroom to pass on costs in case of further potential rise in oil prices.