Nation gives thumbs up to government's decision to cut price of Petrol by Rs 9.5 per litre and diesel by Rs 7

Prices of petrol has been reduced by 9 rupees 50 paise per litre and diesel by 7 rupees per litre across the country. The move comes after government reduced the Central excise duty on Petrol by 8 rupees per litre and on Diesel by 6 rupees per litre yesterday. Finance Minister Nirmala Sitharaman made the announcement yesterday evening in a series of tweets. The new rates came into effect at 6 this morning. Sitharama said, it will have revenue implication of around 1 lakh crore rupees per year for the government. She exhorted all state governments, especially the states where reduction was not done during the last round in November last year, to also implement a similar cut and give relief to the common man. She also announced that this year, government will give a subsidy of 200 rupees per gas cylinder upto 12 cylinders to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana. This will have a revenue implication of around 6100 crore rupees a year.