homevideos Newsenergy NewsRussia Ukraine crisis: Govt holds discussions on crude oil prices; excise levels being reassessed
Russia-Ukraine crisis: Govt holds discussions on crude oil prices; excise levels being reassessed
CNBC-TV18 has learnt from sources that the Prime Minister’s Office, the Finance Ministry and the Oil Ministry had detailed discussions on the current global crude oil prices.
CNBC-TV18 has learnt from sources that the Prime Minister’s Office, the Finance Ministry and the Oil Ministry had detailed discussions on the current global crude oil prices.
The analysis given in that meeting is that oil marketing companies (OMCs) currently absorb around Rs 10 per litre on petrol and diesel per day as a loss.
People in the know indicated that the Petroleum Ministry has informed PMO and Finance Ministry about these losses faced by the OMCs. Post that analysis PMO has asked Finance Ministry to reassess the current excise levels.
The Finance Ministry is doing an internal analysis, post the meeting, as to how much excise can be absorbed if the government decides to do so since the situation is very volatile; politically, the situation is closed because of the state elections that are ongoing. So, any decision on whether an excise cut has to be given or any hike in MRP for petrol and diesel has to be tout is something that the highest political level will take a call on and no decision has been taken yet.
Also Read: Oil & gas, energy stocks plunge over 10% as Russia attacks Ukraine, crude oil soars past $100
Internal analysis is happening at the top government corridors between all the key stakeholders including the Petroleum Ministry, OMCs, Revenue Department, CBIC, for that matter, who is the custodian of levying excise duties and PMO is taking charge of the entire situation.
Watch the accompanying video of CNBC-TV18’s Timsy Jaipuria for more details.
First Published: Feb 24, 2022 4:56 PM IST
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