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Finance and oil ministry discuss rising fuel prices; excise cut unlikely

Updated : December 17, 2020 09:53:59 IST

A cut in excise duty on petrol and diesel prices is tough owing to the revenue constraints even as the finance and oil ministry officials discuss the issue amid rising fuel prices, according to sources. The decision to cut the excise duty is a political call and to be taken at the highest level, sources said.

Already two rounds of meetings have happened between the finance ministry and oil ministry discussing the rising crude prices, sources said.

The finance ministry has received representations regarding a reduction in the excise duty on petrol and diesel. The revenue department, however, believes the current revenue position doesn’t allow a cut in excise duty.

The government had raised excise duty on March 14 and 15. A hike of Rs 1 per litre in excise adds approximately Rs 14,500 crore to the government’s kitty.

CNBC-TV18’s Timsy Jaipuria has more details.

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