Representational image.
After Assam, Tripura Chief Minister Biplab Kumar Deb on Wednesday announced that petrol and diesel prices in the state will be reduced by Rs 7 effective from November 4 (Thursday).
Apart from Assam, Karnataka and Goa governments have also announced to reduce petrol and diesel prices by Rs 7.
The Centre on Wednesday sweetened Diwali celebrations by announcing that it will slash excise duty rate on both petrol and diesel fuels, thus bringing down retail rates.
The excise duty will be reduced by Rs 5 for petrol and Rs 10 for diesel from November 4.
Domestic prices of both fuels have touched record highs on the back of a steep rise in crude oil cost.
Petrol has already breached the Rs 100 per litre mark and above in several cities, whereas, diesel is not far behind.
The rise in transport fuels had raised concerns over a build-up of inflationary pressure which has even concerned the RBI.
The Finance Ministry, in a statement on Wednesday night, a day before Diwali, said: "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."
ALSO READ | After Assam, Tripura reduces petrol, diesel price by Rs 7, new rates effective from Thursday
ALSO READ | Petrol to get cheaper by Rs 5, Diesel by Rs 10 from tomorrow as govt reduces excise duty
