The Central government has announced excise duty reduction on petrol and diesel prices by Rs 5 and Rs 10 respectively with effect from tomorrow (Nov 3).

The reduction in excise duty on diesel will be double that of petrol and will come as a boost to the farmers during the upcoming Rabi season.

"In recent months, crude oil prices have witnessed a global upsurge. Consequently, domestic prices of petrol and diesel had increased in recent weeks exerting inflationary pressure. The world has also seen shortages and increased prices of all forms of energy," an official press release stated.

"The Government of India has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet our requirements," it added.

The finance ministry said that the government has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet our requirements.

"To give a further fillip to the economy, the Government of India has decided to significantly reduce the excise duty on diesel and petrol," the release further stated.