CBIC chief assures excise duty cut on petrol, diesel

At a time when petrol and diesel rates remain at a record high, the CBIC Chairman M Ajit Kumar has assured that excise duty rates will be cut. While Kumar did not give a timeline, he said the excise duty on petrol and diesel will be cut when the time is right.

The government has assured that it is aware of the high excise duty collected on petrol and diesel and assured that it is exploring all options to reduce rates. Central Board of Indirect Taxes and Customs (CBIC) Chairman M Ajit Kumar recently said a decision on reducing excise duty on petrol and diesel will be taken when the time comes. His statement comes following a record rise in petrol and diesel rates in the country. While state-run oil marketing companies have provided some relief in the past month, fuel prices still remain elevated.