Amid a public outcry over rising fuel prices, the government had reduced the basic excise duty on petrol and diesel by 2 rupees per liter, effective today. States have also been asked to review value added tax on petrol and diesel, An official said the Centre expect states to reduce VAT on petrol and diesel. It has also asked oil marketing companies to review petrol and diesel prices. States are likely to cut VAT by Rs 2 per liter while OMCs are likely to cut prices by Rs 1 per liter.
There is a need to reduce petrol and diesel prices by Rs 4-5 per liter, the official said. “Rs 65 per liter is an acceptable retail selling price of petrol,” the official added. Government officials indicate that a price cut of Rs 5 per liter on petrol and diesel is likely.
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