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No proposal to reduce excise duty on petroleum products: FM

  •   Fri, Jul 02 2021 09:33:00 PM

Bengaluru, Jul 2 (IANS): Union Finance Minister Nirmala Sitharaman on Friday ruled out any cut in excise duty levied on petroleum products for now.

Addressing a press conference here, she said that there is no such proposal at the present to reduce prices of petroleum.

"When the international price of crude oil is higher, we have to increase the prices and when the international price is lower, we have to decrease the prices here too. This is a market mechanism which is followed by oil marketing companies. We have given them the freedom," she said in response to a question.

Sitharaman added that the Centre is spending on providing free food grains to the poor besides spending money on vaccines and healthcare infrastructure. "So, state governments can give relief by reducing taxes or levies on petrol," she said.

She also said that petroleum can only be brought under the Goods and Services Tax (GST) regime only if the GST Council so decides.

 
  

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Comment on this article

  • Ahmed, Bangalore

    Sat, Jul 03 2021

    Under UPA the crude oil price had reached $140 and the price was in the range of 70s... In the current government rule the crude price had fallen upto $25 and not have exceeded more than $60 since so many years and yet these senseless rulers are saying high rate of crude oil?? These senseless brought the rule of daily increase/decrease in fuel rate Concept based on crude Market fluctuation.... This was an idiotic idea from these name sake educated intellectual rulers.. They should have never gone with such concept and should have fixed the price like old system. Do they not have sense that playing with fuel prices will destabilize entire system? All commodity prices as well other stuff too get increase and thus creating imbalance in survival from all sects of people. In 1973 for increase in 7 paise for petrol and kerosene, opposite leader Atal Bihari Vajpayee protested in a unique way by riding a Bullock cart and heading to Parliament... So which cart should today's people use in order to reach Parliament for protesting???

    DisAgree Agree [2] Reply Report Abuse

  • Indian, Sharjah

    Sat, Jul 03 2021

    She is known for talking rubbish. Can she compare the crude price during UPA rule and the petrol price in India at that time? How she can say price has gone up in International market?

    DisAgree Agree [3] Reply Report Abuse

  • rajesh naik, Udupi

    Fri, Jul 02 2021

    In the present condition, govt is focusing on collecting taxes, I do not think this is going to harm anyone but will benefit in long process people will understand this and appreciate govt work also per capita income of people has also increased under this govt .more tax means more progress and benefit for people

    DisAgree [7] Agree Reply Report Abuse

  • Sameer, Riyadh

    Fri, Jul 02 2021

    " free food grains to the poor besides spending money on vaccines and healthcare infrastructure"....so our great FMjee...please tell us how does vaccine become free? Collecting 1000 times more money in form of taxes from petrol/diesel and giving 300-400 rupees worth of vaccine and calling it free. Bandh karo yeh free vaccine wala bakwaas. Jumle baaz BJP sarkar.....Bahot hi bekaar.

    DisAgree Agree [2] Reply Report Abuse

  • FRANCIS DSOUZA, Udupi

    Fri, Jul 02 2021

    Under congress government the crude price was 110 $ per barrel price was rs76 and the opposition party is barking like anything, In India the petrol price is highest in the world,

    DisAgree [1] Agree [10] Reply Report Abuse

  • SJM, Mangalore

    Fri, Jul 02 2021

    Just remeber BJP's shameless Notangi act during UPA time Bicycle rides. What happend now tyre puncher still not fixed ?

    DisAgree [1] Agree [15] Reply Report Abuse


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