Petrol and diesel prices are hiking across the country. In this context, the Center has initiated efforts to reduce petrol and diesel prices. While crude oil prices have doubled in the past 10 months, petrol and diesel rates are skyrocketing.
It is learned that Union Finance Minister Nirmala Sitharaman has spoken to oil companies, several state governments, and finance ministry officials over this. It seems that measures have been sought to avoid a major impact on the central and state treasuries. As petrol and diesel prices continue to rise, people are protesting against the central government. Opposition parties are raising concerns.
Currently, many states are demanding a reduction in excise duty. A decision on this is likely in the second week of this month. On the other hand, a meeting with the oil-producing countries will also be held soon. If those countries decide to increase oil production, then the crude oil prices are likely to fall and then it seems that the decision will be made on tax reduction.