Big drop in fuel prices : petrol and diesel prices to go down by Rs 5 and Rs 10 respectively

The central government of India has made a cut in excise duty applicable on petrol and diesel prices. This cut is done by central government, which implies that the cut will benefit the whole country. This cut will reduce the price of Petrol by Rs 5 and Rs 10 for Diesel. 

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The price of Petrol and Diesel to go down by Rs 5 and Rs 10 respectively - 

Two weeks ago, Government of India announced that they will not make any cut in the excise duty applicable on fuels just to bring down the increasing price of petrol and diesel, and currently the prices of petrol and diesel are on the all time high in India as the price of Crude oil is also increasing. 

After continues seven days of price hike of petrol and diesel, the state owned companies didn't increased the price of petrol. The price of petrol has not been increased from two days. The state owned companies started the price hike of petrol from 28 September and that of diesel from 24 September, and the prices of both has been increased by Rs 3.9 per litre and Rs 4.9 per litre respectively. 

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State government can also cut of the excise duty on fuels -

Currently the price of petrol is at all time high of Rs 110.04 and diesel is being sold at Rs 98.42.The prices of petrol and diesel is changed by taking the international price of crude oil and rupee-dollar exchange rates as the major factors. 

The State government and Central government both charges the excise duty on petrol and diesel. The central government has reduced the excise duty and The Finance Ministry has asked the state governments to also do the same. 

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