Kolkata: The Centre has slashed excise duty on petrol and diesel by Rs 10. Agencies have reported that the government has cut the special additional excise duties on petrol and diesel to 3 rupees per litre and zero, respectively. A gazzette notification was issued late on Thursday.
It is clear that the government is trying desperately to avoid a rise in the retail price of petrol and diesel, which can stoke inflation in the economy. India needs to buy about 90% of its crude oil requirements and the elevated prices can cost the economy dear in the long run.