Business News
No Scope For Further Excise Duty Cuts On Petrol, Diesel Prices: Source
The government had cut excise duty on the two fuels by Rs. 2 a litre each last week but it did not result in lower retail prices as new taxes were added.
New Delhi: The government has no immediate plan to further cut excise duty on petrol and diesel due to its tight fiscal situation, a finance ministry source said on Tuesday.
The government had cut excise duty on the two fuels by Rs. 2 a litre each last week while presenting the budget, but it did not result in lower retail prices as new taxes were added.
The country has the highest retail prices of petrol and diesel among South Asian nations as taxes account for about up to 50 per cent of the pump prices.
