Relief on petrol and diesel may be available soon, center is considering tax reduction

New Delhi: The ever-increasing prices of petrol and diesel have increased the difficulties of the common man. Opposition parties are also protesting across the country over rising oil prices. According to sources, a good news is coming in the meantime.

The Modi government is considering giving relief to the common man. According to the information, the Finance Ministry is considering reducing excise duty on petrol and diesel. Let us know that at present the prices of petrol and diesel are at their highest level in the country.

India is the third largest consumer of crude oil in the world. Crude oil prices have almost doubled in the last 10 months, due to which the effect on oil prices in the domestic market can be clearly seen. Due to taxes and duties in the country, the price of petrol and diesel in retail increases up to 60 percent.

The corona virus epidemic affected the economy the most, causing the Modi government to tax twice in the last 12 months. The government wanted to increase tax revenue by raising taxes on petrol and diesel. For this reason, the government did not pass on the benefit of low crude oil prices to the customers.

According to Reuters, the finance ministry is now considering reducing taxes on oil prices. The Finance Ministry has discussed this with some states, oil companies and the Ministry of Petroleum. According to sources, the Finance Ministry now wants to find a way that does not affect the government’s income and also provide relief to the general public.

The Central Government is considering stabilizing the prices of petrol and diesel. The government is considering a solution that can keep oil prices stable. It can be decided by mid-March. The government wants to stabilize prices before reducing taxes, so that the tax structure does not have to change if crude oil prices rise in the future. Recently, Finance Minister Nirmala Sitharaman said that she could not say when the tax on fuel would be reduced. But to reduce tax, the states and the government will have to talk among themselves.

There was no change in the prices of petrol and diesel on Tuesday for the third consecutive day. Currently, petrol and diesel are at their highest levels in the capital Delhi and Mumbai. In Delhi, the price of petrol has gone up to Rs 91.17 while the price of diesel has gone up to 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.

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