OIL & GAS

Govt may not reduce excise duty on fuel soon: Official

The Centre is not in a position to forgo easy revenues at a time when it needs huge funds to fight the pandemic and revive the economy, a government official said on Tuesday, a remark that came against the backdrop of growing demands to reduce taxes in order to provide relief to consumers.

On Tuesday, petrol price crossed Rs.85 a litre in Delhi, hitting a new high for the fifth time in less than two weeks since January 7 even as India’s average crude oil import price softened a bit, according to official data.

“Now, there is no pressure of inflation as retail inflation eased to a 15-month low, at 4.59%. Hence the government would like to wait till budget on reducing excise duty on fuel. However, a final decision will be taken by the competent authority,” the official added, requesting anonymity.

The retail inflation, as measured by the Consumer Price Index (CPI), was at a 77-month high at 7.6% in October. Although it softened a bit to 6.9% in November

Source
hindustan times
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