In a big move, the Govt. has reduced basic excise duty on branded and unbranded petrol and diesel by Rs. 2. With this the excise duty on unbranded petrol will come down to Rs. 4.48 per litre from Rs. 6.48 per litre, while for branded petrol it has been slashed to Rs. 6.33 per litre from earlier Rs. 8.33 per litre.

This comes as a relief at a time when the petrol and diesel prices are hitting the roof.