Economic Survey 2022:Excise duty cut on petrol, diesel provided relief to consumers

The reduction in excise duty on petrol and diesel provided relief to the consumers, stated the Economic Survey 2021-22.

“Reduction in central excise and subsequent cuts in VAT by most states has also helped ease petrol and diesel prices,” the Survey said.

Retail prices of petrol and diesel are typically linked to the prices of crude oil.

“The dollar exchange rate was also on the upward trend and is hovering around Rs 75 per USD which was also impacting the prices of petrol and diesel,” the survey added.