A fuel station in Nadia, West Bengal.
Highlights
- Petrol, diesel prices may be reduced as govt is considering reducing excise duty
- Petrol, diesel prices have witnessed a sharp rise in the past few weeks
- Russia-Ukraine war, global challenges are being said as reasons for rise in oil prices
The Modi government is in action in order to give common man some relief from the rising prices of petrol, diesel. However, this relief will be given temporarily. According to media reports, discussions are being held between Ministry of Petroleum and Natural Gas and Finance Ministry regarding the excise duty on oil.
If the discussions between the two ministries come out as successful, then a drop in petrol, diesel prices may be witnessed. A similar relief was given back in November 2021 when the government reduced excise duty on petrol and diesel.
In November last year, the government reduced the excise duty on petrol and diesel. Petrol had become cheaper by Rs 5 per liter while diesel cost reduced by Rs 10 per liter. Some states had also reduced VAT that further helped reducing petrol, diesel prices.
The Finance Ministry had said in a written reply in the Lok Sabha last year that the government was earning Rs 27.90 per liter on petrol and Rs 21.80 per liter on diesel from excise duty.
LPG gas cylinder prices may increase
According to sources, the price of commercial LPG gas cylinder may see an increase once again. Sources said the government is closely monitoring the LPG prices. However, it is not yet decided how much the price of commercial LPG gas cylinder will increase. According to the report, the government is trying to ensure stability in the price of domestic LPG cylinder (14.2 Kg Domestic LPG Cylinder).
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