The Government of India has decided to reduce the tax rate on fuel to control rising inflation. Accordingly, the price of a liter of petrol has been reduced by 9.50 Indian rupees and the price of a liter of diesel by 07 rupees.
Indian Finance Minister Nirmala Seetharaman says the reduction in fuel prices will cost the Indian government a trillion rupees.
Meanwhile, relief has also been provided to gas consumers. Accordingly, Indians will be able to purchase 12 gas cylinders at a concession of Rs. 200 per year.
The Indian government will lose 61 billion Indian rupees as a result of this subsidy.