New Delhi: Common man can get relief from the ever-increasing petrol and diesel prices very soon, as per reports. Excise duty on petrol diesel may be reduced very soon. Some reports said that petrol and diesel could get cheaper by as much as Rs 5-6 in the next week.
While answering a question on when can customers expect a reduction in excise duty on petrol and diesel, the Central Board of Indirect Tax and Customs (CBIC) Chairman M. Ajit Kumar said that the government is constantly considering reducing the excise duty on petrol and diesel.
Direct tax collection from record excise duty on petrol and diesel was 59 per cent higher in the financial year 2020-21. In a video call with reporters to give information about the tax figures, he said, “We are very hopeful that revenue in the coming months is going to be very strong. As far as reduction in fuel prices are concerned, it is a matter that is being looked into constantly and I am as sure as and when the time comes, a view will be taken on that.”
Due to higher excise duty on fuel, petrol prices have reached Rs 100 per liter in many cities of India. So far, the government has increased excise many times. Last year, the central government increased excise duty on petrol by Rs 13 per litre, taking it to Rs 32.90 per litre, or 36 per cent of Rs 90.56 per litre retail price in Delhi. The same for diesel was increased by Rs 16 per litre last year, taking excise duty on the fuel to Rs 31.80 per litre, or 39 per cent of the retail selling price of Rs 80.87 per litre.
