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Business

Excise duty on petrol, diesel may be reduced today: All you need to know

timesnownews.com

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New Delhi: As petrol and diesel prices were hiked by Oil PSUs for the tenth consecutive day, the Prime Minister’s Office (PMO) is expected to take a call on reducing excise duty to the tune of Rs 2-4 a litre on Wednesday, reported Business Standard.

It is likely that the government would take a final call to cut excise duty on petrol and diesel by the aforementioned amount today, amid increasing uproar among the public. It should be noted that petrol and diesel prices have increased by 30 paise and 26 paise respectively on Wednesday.

Petrol was retailing at Rs 77.17 in New Delhi according to Indian Oil Corporation Limited’s website while diesel price was at Rs 68.34. In Mumbai, the price of fuel is just a paisa short of Rs 85 – something that has never been witnessed in either the financial capital or India.

Over the past few days, the government has been heavily criticised from the daily revision scheme and also the high excise duty rates on petrol and diesel.

Today, oil minister Dharmendra Pradhan is expected to hold meetings with major oil marketing companies and there is a high possibility that the government will ask IOCL and Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) to hold back any hikes for a temporary period till another alternative is envisaged.

A finance ministry official confirmed that the PMO has been in constant touch with oil marketing companies and the discussions on the issue have been ongoing for the past week. A decision will be taken soon, the source suggested. Besides, the government had earlier suggested that it is mulling introducing petrol and diesel under the GST net, which would decrease the high prices.

However, there has been no update on the same apart from some sporadic comments. At a time when the ‘aam aadmi’ is seeking relief from high fuel prices, it remains to be seen if the BJP government manages to crack the fuel debacle in the upcoming days.

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