03rd October 2017
Due to the increase in the international prices of Petrol and Diesel, during
the last few weeks, the Retail Selling Prices (RSP) of Petrol and Diesel at Delhi have
risen to Rs. 70.83/litre and Rs. 59.07/litre respectively, as on 2
nd October 2017. This
rise in the prices of Petrol and Diesel is also reflected in WPI inflation, which has
increased to 3.24% for the month of August 2017, as compared to 1.88% for the
month of July 2017.
2. To cushion the impact of rising international prices of crude petroleum oil
and petrol and diesel on Retail Sale Prices of Petrol and Diesel, with effect from 4
October, 2017, and to protect the interest of common man, the Government has
reduced Basic Excise Duty rate on Petrol and Diesel [both branded and unbranded]
by Rs. 2 per litre. The revenue loss on account of these reductions in excise duty is
about Rs. 26000 crore in a full year, and about Rs. 13000 crore during the remaining
part of the current financial year.