No decision on lowering excise on petrol and diesel
Top government officials revealed that they are not looking at an excise cut on petrol and diesel even if they are at high prices.
The government on Monday ruled out any excise duty cuts on petrol, diesel for now as Re 1 per litre cut on fuel may lead to a Rs 14,000 crore revenue hit, while Rs 2 per litre cut may have a revenue impact of Rs 28,000- 30,000 crore. It also said a cut in fuel prices will affect developmental spending.
Rising crude oil prices have profited states, but Kerala, Bihar, Punjab and non-BJP states may not be in a position to reduce the duties, the government said.
The perspective is very clear: the central government always has specific rates so even if international prices are going up, the government doesn’t have a windfall gain.
First Published: Sept 10, 2018 2:35 PM IST
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