Subscribe
    Business

    Petrol Diesel Prices: Get ready for the good news! Petrol-diesel prices may decrease, the government is doing this planning

    Shehnaz AliBy Updated:No Comments2 Mins Read
    New Delhi : Relief is expected in the prices of petrol and diesel. Government of India can reduce tax on some products. The government can take this decision on the recommendation of RBI to help reduce retail inflation. The government can reduce the tax on maize and fuel. News agency Reuters has given this information quoting sources. However, any decision will be taken only after the inflation figures for the month of February come out. India’s annual retail inflation rate has increased to 6.52 percent in January 2023. It was 5.72 percent in December 2022.

    Food prices may increase

    A senior source in the know of the matter said, “Food inflation may remain high. Prices of milk, maize and soyabean oil may raise inflation concerns in the times to come. The source said, “The government is looking at reducing the import duty on products like maize. There is 60 per cent basic duty on it. The Finance Ministry and RBI have not yet commented on this.

    Tax can also be reduced on fuel

    Tax on Fuel can also be reduced again. Global crude oil prices have declined in the past months and are now stable. Brent oil futures were trading lower at $84.32 a barrel on Wednesday afternoon. Fuel companies have not yet passed on the benefit of the reduced import prices to the customers or the companies were still busy in recovering their old losses.

    India imports two-thirds of its oil requirement
    India imports more than two-thirds of its oil requirement. Tax cuts by the central government will put pressure on pump operators to reduce prices for retail customers. This will help in reducing inflation.

    Source: navbharattimes.indiatimes.com

    : Language Inputs

    This post is sourced from newspapers, magazines and third-party websites. For more information please check NewsDay Express Disclaimer.

    Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

    Related Posts

    Comments are closed.