The relief to consumers came on the eve of Diwali. The Finance Ministry said that excise duty on petrol will come down by Rs 5 and that on diesel by Rs 10.
Calling the reduction in excise duty on petrol and diesel 'inadequate', the RJD leader alleged that the Modi government is doing a drama.
"This decision taken by Modiji will not only lighten the burden on the pocket of the common man but will also prove to be a great help in controlling inflation," Rajnath Singh further said.
Rs 2-3 per litre cut in excise duty on petrol and diesel might be announced as a shield to prevent a further spike in prices of fuels.
Sitharaman, who had raised excise duty on petrol and diesel to record high to shore up revenue collections last year, said the interest on oil bonds paid in the last seven years totalled Rs 70,195.72 crore.
The hike in duty has taken away gains from falling global crude oil prices.
The excise duty on both petrol and diesel increased by Rs 3 per litre on March 14 after the international oil prices declined.
Government has hiked the excise duty on petrol, diesel by Rs 3 per litre. The move has come just days after petrol, diesel prices were reduced by more than Rs 2 per litre amid a decrease in global demand due to coronavirus pandemic.
Top News
Latest News
