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Is the Finance Minstry considering cutting taxes on petrol and diesel?

Image source- Business Standard

India’s finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record-high domestic prices, three government officials close to the discussions said, reports Reuters.

Recently, a hike in the oil and crude prices has been causing pandemonium in the country, Citizens were expressing their concern with the doubled prices of crude oil over the past 10 months which contributed to record fuel prices at gas stations all over India. However, taxes and duties account for roughly 60% of the retail price of petrol and diesel in the country.

When the Coronavirus pandemic hit the country, the government twice raised taxes on petrol and diesel in the last 12 months to boost low tax revenues.

According to Reuters reports, India’s Finance Ministry has now started consultations with some states, oil companies and the oil ministry to find the most effective way to lower the tax burden on consumers without federal finances taking a big hit, their sources said.

“We are discussing ways in which prices can be kept stable. We will be able to take a view of the issue by mid-March,” said one of their sources.

India’s Finance Minister Nirmala Sitharaman recently said: “I can’t say when we will reduce taxes on fuel, but (the) centre and states have to talk to reduce fuel taxes”.

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