New Delhi:  According to Finance Ministry sources, the government is keeping a careful eye on rising crude oil prices, but no decision on a tax decrease has been made yet. "We're aware of the situation and keeping an eye on it," a source stated.

The current price of international crude oil is USD 118 per barrel, the highest since August 2013. Because of the growing global crude oil prices, oil marketing organisations in India may have to hike the price of petrol and diesel in the near future due to a supply constraint.

Despite the sharp increase in crude oil prices, oil marketing organisations have maintained fuel prices steady since November.

On November 4, 2021, the central government reduced excise duty to provide respite from rising prices. The price of crude oil was USD 80 at the time. The national and state governments rely on duty and taxes on gasoline and diesel for over half of their revenue.

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