Govt reduce Rs 1.5 excise duty on petrol and diesel Government says to oil company to reduce Rs.1 - do fastly. The modi sarkar revenue loss of around 10,500 Cr. due to cut excise duty on patrol finance ministry Announces cost of petrol and diesel will reduce up to Rs 2.5. Arun Jaitley says to sate Government price of petrol and diesel will reduce as soon as possible. It is just relief given to public but it is not big amount.reduction in duty is some relief to consumer. total excise duty on petrol price is Rs 19.43 per liter and on diesel Rs 15.33 per liter. For Delhi VAT on petrol including dealer commission is around Rs 17.85 Expert says Rs 2.5 is nothing but is a small relief to public.Price increase in last one month Rs 5.17 on petrol and Rs 4.83 on diesel Rs 1 of reduce in excise duty is revenue loss of 1400 Cr. At this time crude oil is trading four year high of over USD...
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