Petrol and diesel prices are constantly skyrocketing and this is affecting the common man's pocket. But now the government can give relief to the general public. The Finance Ministry is considering reducing excise duty on petrol and diesel.
Crude oil prices have doubled in the last 10 months, which has affected the oil prices in the domestic market ie India. Due to tax and duty in the country, the prices of petrol and diesel go up by 60%, which the general public has to suffer.
The government created tax revenue by increasing taxes on petrol and diesel during the coronary period. The government did not pass on the benefit of low crude oil prices to the customers.
But now the government is considering reducing its tax. The government wants to find a way that does not make any difference to the revenue and also makes the petrol diesel available to the public cheaply. The finance ministry has held discussions with some states, oil companies, and the petroleum ministry.
Petrol diesel prices are being considered to be stable. It can be decided by mid-March. The government wants to stabilize prices so that the tax structure does not have to change if crude oil prices rise in the future.
Petrol and diesel prices did not change for the third consecutive day on Tuesday. In Delhi, the price of petrol has reached Rs 91.17 while the price of diesel has reached Rs 81.47. In Mumbai, the price of petrol has reached Rs 97.57 and the price of diesel has reached Rs 88.60 per liter.