Sikkim Govt slashes petrol, diesel prices by Rs 7

GANGTOK: In a Diwali bonanza by the Sikkim government and major relief to the common man, the excise duty on petrol and diesel will be reduced by Rs 7 from November 4.

Announcing the move, Sikkim Chief Minister Prem Singh Tamang wrote,”In view of this decision & on the auspicious occasion of Diwali, I would like to announce that the State Government will be reducing the prices of Petrol & Diesel in the state by Rs.7/(seven) per liter as a Diwali gift. This will come into effect starting today i.e 04/11/2021”

The Central Government on Wednesday announced to reduce the Central Excise Duty on Petrol & Diesel by Rs 5 and Rs 10 respectively.

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.

In recent months, crude oil prices have witnessed a global upsurge.

Consequently, domestic prices of petrol and diesel had increased in recent weeks exerting inflationary pressure.

The world has also seen shortages and increased prices of all forms of energy.

The Government of India has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet our requirements.

The reduction in excise duty on Petrol and Diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes. Today’s decision is expected to further spur the overall economic cycle.