Live news: Excise duty cut on fuel to help inflation, may hurt dealers

Live news updates: The government cutting excise duty on petrol by Rs 5 a litre and on diesel by Rs 10 a litre could reduce the consumer price index (CPI) inflation rate by up to 0.30 percentage points. On the other hand, the measure could cost the government around Rs 60,000 crore this fiscal year.


The duty cut is bleeding fuel pumps though. Having stocked up on fuel ahead of Diwali expecting higher sales, petroleum dealers are now staring at significant losses because of the sudden cut.

Pfizer Inc. said Friday that its experimental antiviral pill for Covid-19 cut rates of hospitalization and death by nearly 90 per cent in high-risk adults, as the drugmaker joined the race for an easy-to-use medication to treat the coronavirus, the AP reported. Currently most Covid-19 treatments require an IV or injection.