Budget 2018: Cut in petrol, diesel excise duty in Oil ministry's wishlist
Modi, who faces elections
in key states later this year, and a nationwide election in early 2019, has
faced pressure over a rise in retail prices of petrol and diesel to a record
level.
BUDGET NEWS : India's oil
ministry is pushing for a reduce in excise responsibility on petrol and diesel
in the approaching 2018/19 finances to cushion the impact of rising oil prices
on its good sized purchaser base, oil
ministry officials advised Reuters on Monday.
prime
Minister Narendra Modi, who faces elections in key states later this yr, and a
national election in early 2019, has faced stress over a upward push in retail
charges of petrol and diesel to a file level.
India has
the very best retail costs of petrol and diesel among South Asian nations as
taxes account for about 40-50 percentage of the pump costs.
A litre of
petrol costs 72.23 rupees ($1.thirteen) whilst diesel is sold at sixty three.01
rupees. Petrol and diesel account for about 1/2 of India's delicate gasoline
intake.
"we can
only recommend. it's miles up to the finance ministry to take a
selection," a senior oil ministry legitimate stated.
A reduce in
excise duty on petrol and diesel within the budget, due to be unveiled on Feb.
1, could pose challenges because the authorities is struggling to address a
widening fiscal hole amid falling tax revenues due to the implementation of a goods and offerings tax (GST)
regime from July.
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