Union Budget 2018: Petrol, Diesel To Get Cheaper By Up To Rs 2 Per Litre
Union Budget 2018: Petrol, Diesel To Get Cheaper By Up To Rs 2 Per Litre: Arun Jaitley’s Budget 2018 will bring under control the fuel prices in the country as the Budget reduced basic excise duty on branded and unbranded petrol as well as diesel. Unbranded Petrol which attracted excise of Rs. 6.48 per litre has been reduced to Rs. 4.48 per litre. Branded petrol has basic excise duty of Rs. 7.66 per litre which has been slashed to Rs. 5.66 per litre. Unbranded diesel having basic excise duty of Rs. 8.33 per litre was reduced to Rs. 6.33 per litre. Basic excise duty on branded diesel was also reduced from Rs. 10.69 per litre to Rs. 8.69 per litre. Petrol prices hit a new high when average rates in Delhi, Mumbai, Bangalore, Pune, Chennai and Noida recorded Rs 80 a litre on Thursday. Ministry of petroleum and natural gas in consultation with the finance ministry on 3 October 2017 lowered excise duty on petrol and diesel by Rs 2 each. However, in three months since then, the price of Brent crude oil price rose to more than $13 per barrel and the fuel price, subsequently, shot up by over Rs 3 per litre, completely reversing the impact of the cut. -PTC News
