Centre to bear entire revenue loss on account of reduction in excise duty on petrol, diesel

Addressing a Press Conference on November 15, Finance Secretary TV Somanathan said, “The reduction of Rs 5 (in petrol) and Rs 10 (in diesel) has been in the non-sharable portion of excise duty, which means entire loss is borne by Central Government. There is no loss of devolution to any state govt through reduction in excise duty.”