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Petrol to Get Cheaper by Rs 9, Diesel by Rs 7 as Centre cuts Excise Duty

Published on May 22, 2022
Current Context: There have been several measures taken to cut down the inflation in which the GOI has reduced the excise duty on petrol and diesel.
Petrol to Get Cheaper by Rs 9, Diesel by Rs 7 as Centre cuts Excise Duty
  • The government has cut down excise duty on petrol by Rs 8 per liter and diesel by Rs 6 per liter. This results in to decrease in the price of petrol by Rs 9.5/ltr and diesel by 7/ltr.
  • Apart from that, the government will give a Rs 200/ cylinder subsidy to Ujjwala Yojana beneficiaries for 12 cylinders in a year.
  • In addition to that custom duties have also been cut down on plastic products and steel including coking coal and ferronickel, which boosts the domestic industry under AatmnaNirbhar Bharat, and also leads to reducing the production cost of steel.
  • The duty on exports of iron ore has been hiked up to 50%, to make sure of abundant domestic availability.
  • To improve cement availability measures have been taken to reduce the logistic cost, and prices may soften lightly.
  • Direct support has been provided to the weaker section of the society which impacts 6000 cr on budget.
  • The government has also urged all state governments, especially the states where the reduction wasn't done during November 2021 on petrol and diesel prices to implement a similar cut and give relief to the common public.

Question:

Q.1 What percent of export duty is levied on iron to increase domestic availability?
a. 20%
b. 15%
c. 50%
d. 30%
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