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Buckling under pressure, the government on Wednesday cut excise duty on petrol and diesel by a record Rs 5 and Rs 10 per litre to help bring down rates down from their highest-ever levels.

The announcement comes on the eve of Diwali which will help bring down the high prices of fuel and provide some relief to the common man battling inflation

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Congress leader Rahul Gandhi hit out at the Centre over the rise in fuel prices and said one should beware of "pickpockets".

The former Congress chief cited a news report along with his tweet that said the petrol prices in some states have crossed Rs 120 a litre.

Gandhi and the Congress have been extremely critical of the government over the rise in fuel prices

Excise collections on fuel products in April-September 2021 rose to Rs 1.71 lakh crore from Rs 1.28 lakh crore collected in same period of last year

In the full 2020-21 fiscal, excise collections were Rs 3.89 lakh crore and in 2019-20, it was Rs 2.39 lakh crore, Controller General of Accounts (CGA) data showed.

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Excise duty levy on petroleum products rises 33%, crosses pre-COVID19 level