Review of the rise in crude oil prices, the government is considering reducing the tax on petrol and diesel

Excise Duty Cut On Petrol Diesel Likely: Expensive crude oil has given sleep to the central government. After which the Prime Minister’s Office held a meeting between the Finance Ministry and the Petroleum Ministry on Thursday to review the situation arising out of expensive crude oil.

According to media reports, the Prime Minister’s Office i.e. PMO has asked the Finance Ministry to review the excise duty levied on petrol diesel. The Finance Ministry will see to what extent the government can reduce the excise duty on petrol diesel so that the common people can be given relief from expensive petrol diesel. At the same time, the Ministry of Petroleum has informed the PMO about the loss being incurred by selling petrol and diesel to government oil companies. Let us tell you that earlier on November 4, 2021, the government had decided to reduce the excise duty on petrol by Rs 5 per liter and on diesel by Rs 10 per liter. So that common people can be given relief from expensive petrol and diesel.

Despite the huge increase in crude oil prices in view of the assembly elections, state-owned oil companies have not increased the prices of petrol and diesel, while since the first week of December 2021, crude oil has become 50 percent expensive. On December 1, 2021, crude oil was trading close to $ 68 per barrel, which has now reached $ 105 per barrel. Government oil companies are incurring huge losses. The government is contemplating to bridge this loss and is also trying to ensure that the common people do not have to bear the burden of expensive petrol and diesel.

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