New Delhi: Rising petrol and diesel prices have upset ordinary people and industries. However, there is hope for some relief from expensive fuels in the near future. Amid rising petrol-diesel prices, the finance ministry is now considering the option of reducing excise duty. This will relieve the common man from the skyrocketing prices. This information is given quoting sources. Fuel prices in India have risen due to the doubling of crude oil prices in the last 10 months, but, at the retail price of petrol-diesel, the common man has to pay about 60% taxes and duties. The coronavirus epidemic has also severely affected economic activities. India is the world’s third largest importer of crude oil.
In the last 12 months, the Modi government has doubled taxes on petrol and diesel. Thus while international crude oil prices were at record lows. Then the general public could not get much relief on the petrol-diesel front.
But the finance ministry is now considering ways to reduce taxes in collaboration with various states, oil companies and the oil ministry. Sources said the Center was also looking into whether the tax cuts would not have a financial impact. One source said, “We are discussing how to keep prices stable. By mid-March, we will be able to make a decision on this.
Recently, Union Finance Minister Nirmala Sitharaman said, “I can’t say how long the tax on these fuels will be reduced.” But the Center and the states will have to work together to reduce taxes on fuel. However, amid rising prices, some states have also reduced taxes on petrol and diesel at their own level.