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Fuel price hike: Four states cut taxes to offer relief Updated Feb 23, 2021 | 09:05 IST
This move will also serve to demonstrate that unlike what is claimed, the skyrocketing prices have more to do with levies than rising price for crude oil. Fuel price hike: Four states cut taxes to offer relief
Fuel prices in India are at an all time high this has neither been a secret nor news. Nonetheless, the fact remains that it is indeed a worrying development. Unfortunately, the central government of India has not been of much help because has refused to reduce the excise duty it had cumulatively raised by on fuels in India. Between March and May 2020, when the cost for buying crude oil declined fell to $19.9/barrel, the Centre raised excise duty ₹13 a litre on petrol and ₹16 on diesel. And now that it is causing mayhem across the country, several states have stepped up in the absence of any efforts from the central government, offering tax cuts in order
The recent rise in petrol prices is quickly pushing the number to breach the ₹100 per litre mark, whereas diesel currently retails at more than ₹80 per litre.