Petroleum Ministry in discussion with FinMin on excise cut on petrol, diesel

The Ministry of Petroleum & Natural Gas (MoPNG) and Finance Ministry are in discussion to reduce excise duty on petrol & diesel, Sources told Business Today TV. The Ministry of Finance in a written reply in the Lok Sabha last year said that the government earns Rs 27.90 as excise duty on petrol and Rs 21.80 on diesel per litre.

As prices of petrol and diesel remained steady for the fourth day in a row on April 10. This is the sixth time in the last 19 days that fuel prices have remained unchanged. Since March 22, fuel prices have increased by Rs 10 per litre.

Sources added that the prices of LPG are also being closely watched by the government. The government is trying to keep prices of domestic LPG cylinders stable whereas commercial LPG prices could see another hike, the source added. The quantum of the hike will be decided upon in due course of time. The price of LPG has been rising since November 2020; a 14.2 kg cylinder in Delhi now costs Rs 949 — Rs 355 or nearly 60 per cent costlier

Oil marketing companies earlier raised the price of liquefied petroleum gas (LPG) by Rs 50 per 14.2 kg cylinder in the first hike since October, as international crude prices have surged due to the war in Ukraine.

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