Petrol-Diesel Excise Duty: Tax reduction on petrol-diesel

The government has once again announced a big announcement from the government on petrol diesel. Now it has announced huge relief in the export duty on the export of petroleum products. The Ministry of Finance has given relief to excise duty on petrol diesel exports researching June 30. Information from the Ministry of Finance stated that the excise duty on petrol will now be completely expired.

Excise duty on diesel fell to Rs 10

Let you know that the excise duty on petrol was Rs 5 but has announced to end it. Apart from that, excise duty on diesel has been reduced to Rs 10.

If crude oil prices go above $ 105 a barrel, the government will have to consider further reduction in excise duty. It is worth mentioning that, due to the tensions between Russia and Ukraine, the price of Brent crude has reached around $ 90 per barrel. Wall Street banks and Goldman Sachs have estimated that Brent crude could go up to $ 100 this year due to the boom in global markets. Petrol and diesel prices have been released from government control in the country, but the government may try to relieve consumers by reducing excise duty. The government reduced the tax in November.

Given the current situation, the tax cuts may once again reduce the income of the government, but the demand will be compensated. High crude prices are painful and Sengupta hoped that RBI could increase policy rates three times through a total of 75 basis points in the current calendar year.