The cut in excise duty on petrol and diesel will cost it ₹1 lakh crore per year in revenue, while the cooking gas subsidy bill will be ₹6,100 crore a year. The latest duty cut alone will make petrol cheaper by ₹9.5 per litre and diesel by ₹7 per litre, the government said. It will reduce fuel costs to almost the levels before the Russia-Ukraine conflict, which sent crude oil prices soaring.from Industry-Economic Times
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