New Delhi: Amidst the ever-increasing prices of pay troll-diesel, now the finance ministry is considering the option of reducing excise duty. This will provide some relief to the common man from skyrocketing prices. News agency Reuters has given information about this by quoting sources in one of its reports. In fact, the doubling in the price of Crude Oil during the last 10 months has increased fuel prices in India, but, the general public has to pay about 60% tax and duties at the retail price of petrol-diesel.
The coronavirus epidemic has also severely affected financial activities. India is the third-largest crude oil importing country in the world. In the last 12 months, the Modi government has increased the tax on petrol and diesel twice. Thus, even when the price of crude oil was at the lowest record level in the international market, the general public could not get great relief on the petrol-diesel front.
But the finance ministry is now considering an option to reduce tax in collaboration with various states, oil companies, and the oil ministry. Sources say that the Center has to see that reducing the tax does not have any negative impact on its finances. A source told that 'We are discussing how to keep prices stable. By mid-March, we will be able to take a decision on this.'