Economy

Oil Minister Downplays reduce In Excise duty On Petrol, Diesel

Oil Minister Downplays Cut In Excise Duty On Petrol, Diesel

New Delhi: With petrol and diesel fees growing by using Rs 9-10 consistent with litre due to the factMarch, Oil Minister Dharmendra Pradhan on Friday downplayed possibility of an excise duty discount to present alleviation to consumers announcing there must no longer be any knee-jerk response.

i’ve maintained that there must now not be knee-jerk reactions (to every day movement in global oilexpenses).

Dont bounce (with joy) on three-day sline in oil expenses and do not over-react to three-day spike inquotes,” he advised newshounds here.

He turned into requested if the government would respond to the latest upward push in global crude oil expenses to $50 in keeping with barrel through slicing excise obligation.

“Petrol fee became freed (from government pricing controls) in 2010 and diesel from October 2014. Itchanged into a conscious choice to link them to market and we stand by means of that decision. there is no rethink on it,” he said.

in keeping with the exercise of fortnightly revision in prices in line with global developments, petrol ratebecome on Wednesday hiked via a steep Rs 2.fifty eight per litre and diesel by means of Rs 2.26 a litre, the 0.33 growth in charges in five weeks.

A litre of petrol in Delhi is now at a yr‘s high of Rs 65.60 even as diesel is priced at Rs 53.ninety three a litre.

on account that March, this is the fifth increase in auto fuel rates on global cues. After discounting the April sixteen reduction in rates by Rs 0.74 a litre in petrol and Rs 1.30 in diesel, petrol costs have jumpedthrough Rs eight.99 in step with litre given that mid-March and diesel with the aid of Rs nine.79.

while the oil costs slumped in 2nd half of 2014 and 2015, the government hiked excise duty on petrol and diesel 9 times to mop up profits which need to have long past to customers. In all, it raised exciseresponsibility on petrol via Rs 11.seventy seven a litre and that on diesel with the aid of Rs 13.forty seven.

Mr Pradhan stated there is no direct hyperlink among retail fee of petrol and diesel with crude oil charges. Retail fees are linked to international gasoline (petrol) and gasoline oil (diesel) fees, which do notnecessary flow in tandem with crude oil expenses.

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