The Centre on Saturday finally slashed excise duty on petrol and diesel by Rs 8 and Rs 6 per litre respectively. This will reduce the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre. Taking to Twitter, Finance Minister Nirmala Sitharaman said, "It [Excise duty cut] will have revenue implication of around Rs one lakh croreyear for the government.