Diesel Price cut by Rs 7, Diesel by Rs 9.5 as govt slashes excise duty

"We are reducing the Central excise duty on Petrol by Rs. 9.5 per litre and diesel by Rs. 7 per litre. This will reduce the price of petrol by Rs. 9.5 per litre and of diesel by Rs.7 per litre" the seventh tweet of the Twitter thread by finance Minister, Nirmala Sitharaman has hit the Indian population who were affected by hikes in Oil prices. The government mentions that this move will cut about 1 lakh crore on central excise duties.

Sitharaman's twitter appealed to all the other states to implement similar cuts to give relief to the common man, along with highlighting that Narendra Modi's government had always taken steps to mitigate the problems of hiking prices for poor and middle class people. She also claims that average inflation rates have been lower in the BJP Government when compared to the tenure of previous governments.

The adjoining thread also would provide relief to the surging prices on gas cylinders where assurity had been made on provision of subsidy of Rs. 200 per cylinder under Pradhan Mantri Ujjwala Yojana to over 9 crore beneficiaries. This is expected to have revenue implications of 6100 crore annually, Sitharaman mentions.

A reduction in cost of plastic products is also estimated as custom duty on raw materials and intermediaries will be lowered, which will help in the sector where import dependency is high. Along with this, the iron and steel sector will also see some calibrations.Although, no substantial data was added in both the cases.

The news has triggered both appreciation and criticism of the government from the Indian citizens. Some applaud this move, stating the revival of " ache din" under the Modi government while, some mock them by citing the parables of the cloth industry where they deceive their customer by discount marks by first hiking the prices to extremes and then lowering them by pity amounts.

A news interview of Nirmala Sitharaman by Brutt channel, where she gave a rhetoric and sarcastic answer to such a burning question "When will the oil prices drop, when will the common man stop seeing three digits mark for a litre of petrol?" to a public thread where she actually announced the drop went super fast, the timeline that wasn't expected. The effects of the same are still to be seen.

Keywords : oil prices, Twitter thread Nirmala Sitharaman, Modi government, Petrol prices drop, Diesel prices drop

References :

https://twitter.com/nsitharaman/status/1527999332103794690?t=Y5j0s7tTO46_rFuQnPQQcg&s=19

https://youtu.be/BUAlzzwV-Qc