Noida petrol prices, UP petrol price: How much cheaper will petrol get after the Modi government's excise cut?

Noida: The petrol prices, which have been more than Rs 100 per litre in most states, will be slashed drastically, the Modi government announced on Saturday. Finance Minister Nirmala Sitharaman, at a press conference, said that the Central government is reducing the excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. However, this doesn't mean the prices will be slashed in the same proportion.

Sitharaman said the Centre's move will bring the petrol prices down by Rs 9.5 per litre. The prices of diesel will become cheaper by Rs 7 per litre.

"We are reducing the Central excise duty on Petrol by Rs 8 per litre and on Diesel by Rs 6 per litre. This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre," she tweeted.

This means the prices of petrol in Uttar Pradesh may come back to around Rs 95-97 per litre. The petrol in Noida is currently selling at Rs 105 per litre.

Sitharman tweeted the move will have a revenue implication of around Rs 1 lakh crore per year.

The Narendra Modi government had reduced the excise duty on petrol and diesel in November last year before Diwali. Then, it had reduced the excise duty on petrol by Rs 5 and diesel by Rs 10 per litre.

Nirmala Sitharaman appealed to the states to bring the petrol and diesel prices further down by reducing the value added tax (VAT).

"I wish to exhort all state governments, especially the states where reduction wasn’t done during the last round (November 2021), to also implement a similar cut and give relief to the common man," she tweeted.