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 ? 6 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)