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The Centre has reduced the excise duty levied on petrol and diesel. While the excise duty on per litre of petrol has been reduced by Rs 5, the same has been brought down on diesel by Rs 10. The new prices has came into effect from November 4.

It said 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.

The reduction in excise duty on petrol and diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes. Decision is expected to further spur the overall economic cycle. The Centre had been levying excise duties and cess of Rs 32.90 per litre on petrol and Rs 31.80 per litre on diesel. For context, the central excise duty on diesel was Rs 3.56 per litre in 2014.