India reduces fuel taxes and imposes export levy on diesel as global oil supply tightens. Govt assures steady supply, says refineries running at full capacity nationwide.
The Central government has raised the excise duty on petrol and diesel prices by ₹2 per litre. An official notification by the Department of Revenue, Ministry of Finance, said the change would take effect from April 8.
In its Budget suggestions for 2025-26, industry body CII has recommended lowering the excise duty on fuel to boost consumption, especially at the lower-income level.
After the protest called by AAP for the arrest of Deputy CM Manish Sisodia by CBI, heavy police deployment was seen outside the headquarters of AAP.
The VAR reduction will be implemented from midnight hours of 5 November to provide further relief to consumers who were bearing the brunt of continuous price hikes on petroleum products.
Liquor shops were shut for almost 40 days due to the lockdown to curb the coronavirus outbreak.
Chidambaram's remarks come on the heels of the Central government raising the excise duty on petrol and diesel by a historically high margin to raise revenue that has been severely impacted by the Coronavirus induced lockdown.
These duty rate changes will come into effect from today ie, May 6, as per a notification issued by Central Board of Indirect Taxes and Customs.
Over 81 lakh houses with an investment of about Rs 4.83 lakh crore sanctioned of which construction started in about 47 lakh houses.
The minister's comments come before the US sanctions on Iran kick in from November 4.
