Finance Ministry agreed to Cut Tax on Petrol, Diesel – sources
Finance Ministry is considering cutting excise duty on petrol and diesel to reduce the impact of record-high domestic prices, three government officials close to the discussion. The doubling of the price of crude oil in the last 10 months has added to record fuel costs at fuel stations.
But taxes and duties account for roughly 60 percent of the retail price of petrol and diesel in the country, the world's third-biggest consumer of crude oil.
The Coronavirus pandemic, the economy was hit badly PM Modi’s government raised petrol and diesel prices to promote dropping down tax revenue rather than passing on the benefits of lower oil prices to consumers last year.
Sources said
India's Finance Ministry has now started consultations with some states, oil companies, and the oil minist...