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FM to announce cut in petro duties today
Tribune News Service

New Delhi, August 17
Finance Minister P. Chidambaram is expected to announce reduction in customs and excise duties on petro-products tomorrow, which would help the oil companies to keep oil prices at the prevailing rate despite steep hike international crude prices.

Talking to mediapersons today, Parliamentary Affairs Minister Ghulam Nabi Azad said, “The Finance Minister will make a statement in Parliament tomorrow on the oil issue.”

According to sources, a notification in this regard may be issued soon. The informal decision to cut customs and excise duties was taken by Prime Minister Manmohan Singh yesterday in consultation with the Finance Minister and Petroleum Minister Mani Shankar Aiyar.

The cut in duties will help the government in controlling the spiraling inflation.

A 2-3 per cent cut in excise duty and customs duty on petrol, diesel and kerosene is expected.

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