No final decision yet on fuel excise cut, say FinMin sources 

The government is keeping a close watch on the rising crude oil prices but there has been no decision on tax cut yet, say Finance Ministry sources. "We are aware of the situation, and keeping a close watch on it." added source.

International crude oil price is currently $118 a barrel, the highest since August 2013. The rising global crude oil prices raise concerns that oil marketing companies in India could soon increase the prices of petrol and diesel due to shortage of supply.

The oil marketing companies have kept the prices of fuel unchanged since November now despite the steep increase in crude oil prices.

The central government had last cut excise duty on November 4, 2021, to provide relief from prices. Crude oil price was at $80 at the time. Duty and taxes on petrol and diesel account for almost 50 per cent revenues for the central and state government.

Also read: Petrol, diesel price rise may resume after March 10