Kochi: Due to constant increase in inflation, the centre has decided to cut the central excise duty fuel bringing down the cost of one litre of petrol by Rs 9.5 and diesel by Rs 7.
Finance Minister Nirmala Sitaraman said the move would lead to revenue implications of Rs 1 lakh crore per year.
‘She tweeted that the centre bhas decided to extend relief to the poor band common man…”
She said that all states should reciprocate suitably unlike in November 2021 when a similar decision by the centre was ignored by some states.
Meanwhile, Kerala has decided to reduce tax on one litre petrol by Rs 2.41 and on diesel by Rs 1.36.
Welcoming the centre’s move, State Finance Minister K N Balagopal said that after increasing prices massively and reducing it marginally is not a big deal.
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