Published from Mumbai, Delhi & Bhopal

Centre cuts excise duty, Petrol price to reduce by Rs 9.5, Diesel Rs 7

New Delhi: The price of petrol will come down by Rs 9.5, while the diesel will be cheaper by Rs 7 as Finance Minister Nirmala Sitharaman announced a sharp cut in central excise duty on fuel prices amid surging inflation.

The central excise duty on petrol has been cut by Rs 8 per litre and the same on diesel has been cut by Rs 6 per litre, said Sitharaman.

The Ukraine crisis and global supply chain disruptions have stoked prices worldwide.

April saw India’s wholesale and consumer prices accelerate at their fastest in years, prompting the central bank to hike interest rates at an unscheduled policy meeting this month.

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