Panaji, Nov 4 (IANS): Taking cue from the central government's move to reduce fuel prices on the eve of Diwali, Goa Chief Minister Pramod Sawant late on Wednesday evening announced a further reduction of petrol and diesel prices, cumulatively reducing prices by Rs 12 and Rs 17 respectively.

"The Modi Government has given a great Diwali gift to all Indians, by announcing reduction in Excise Duty on Petrol and Diesel. I thank the Hon'ble PM @narendramodi Ji as this decision shall give great relief to common man and help control inflation," Sawant tweeted.

"In addition, the Government of Goa shall reduce an additional Rs 7 on Petrol and Rs 7 on Diesel, thereby reducing the price of diesel by Rs 17 per litre and petrol by Rs 12 per litre," he said.

Earlier on Wednesday, the central government slashed prices of petrol and diesel by Rs 5 and Rs 10 respectively, with effect from Thursday, by reducing excise duty on the fuels.

The Finance Ministry, in a statement on Wednesday night, a day before Diwali, said: "The reduction in excise duty on diesel will be double that of petrol. The Indian farmers have, through their hard work, kept the economic growth momentum going even during the lockdown phase and the massive reduction in excise on diesel 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."

As per the statement, the Centre 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 requirements.