Fuel price cut to gas cylinder subsidy: Five key announcements made by Nirmala Sitharaman

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Fuel price cut to gas cylinder subsidy: Five key announcements made by Nirmala Sitharaman

Fuel price cut to gas cylinder subsidy: Five key announcements made by Nirmala Sitharaman

FP Staff • May 21, 2022, 20:36:14 IST

The government also announced a fertiliser subsidy of Rs 1.10 crore and a customs duty cut on raw materials for plastic products

In a series of tweets, finance minister Nirmala Sitharaman made several key announcements including a cut in central excise duty on fuel.

Here are the key takeaways:

Central excise duty on petrol has been reduced by Rs 8 per litre and on diesel by Rs 6 per litre. The excise duty cut will reduce the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre.
A subsidy of Rs 200 per gas cylinder (upto 12 cylinders) for over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana.
A fertiliser subsidy of Rs 1.10 crore. This will be in addition to the Rs 1.05 lakh crore subsidy allocated in the 2022 budget.
Reduction in customs duty on raw materials and intermediaries for iron & steel to reduce their prices. Export duty on some steel products will be levied.
Reduction in customs duty on raw materials & intermediaries for plastic products where our import dependence is high. This will eventually reduce the cost of final products.

Also read: Petrol price to reduce by Rs 9.5, diesel by Rs 7 per litre as Centre cuts excise duty