'Will also boost consumption and keep inflation low': Finance Ministry after Centre reduces excise duty on petrol by Rs 5, diesel by Rs 10

In a relief to consumers on the eve of Diwali, the Centre on Wednesday announced a reduction in excise duty on petrol and diesel.

The excise duty on petrol will be reduced by Rs 5 and that on diesel by Rs 10 and new rates will come into effect from tomorrow.

Meanwhile, the Ministry of Finance said the reduction in excise duty on petrol and diesel is to give a further fillip to the economy.

"The reduction in excise duty on Petrol and Diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes. Today’s decision is expected to further spur the overall economic cycle," the Finance Ministry said in a statement.

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"The reduction in excise duty on diesel will be double that of petrol. The Indian farmers have, through their hard work, kept the economic growth momentum going even during the lockdown phase and the massive reduction in excise on diesel will come as a boost to the farmers during the upcoming Rabi season," it added.