Srinagar, May 21 (KNS): The price of petrol will come down by ? 9.5, while the diesel will be cheaper by ? 7 as the government announced a sharp cut in central excise duty on fuel prices on Saturday.

Reports reaching Kashmir News Service (KNS) said that the central excise duty on petrol has been cut by ? 8 per litre and the same on diesel has been cut by ?Click Here To Follow Our WhatsApp Channel6 per litre.

This was stated by Union Finance Minister, Nirmala Sitharaman on her official Twitter handle.

She said that government will lose ? 1 lakh crore by taking the cut on central excise duties.

She also exhorted upon states to implement a similar cut and pass on the benfit to the common man. (KNS)