Big relief to consumers as Govt cuts Excise duty on Petrol & Diesel by Rs. 5, 10

On Diwali eve, Government of India decided to reduce Central Excise Duty on petrol & diesel by Rs. 5 and  Rs. 10 respectively from tomorrow. The prices of petrol & diesel will thus come down accordingly which otherwise are at an-all time high. The government said that the reduction in excise duty on petrol and diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes. and that today’s decision is expected to further spur the overall economic cycle. The centre has urged states to commensurately reduce VAT on Petrol and diesel to give relief to consumers. Watch this report for more.