Finance ministry considers cutting taxes on petrol, diesel: Report

The Ministry of Finance is considering cutting excise duties on petrol and diesel in India, a report quoted sources as saying. The finance ministry has now started consultations with some states, oil companies and the oil ministry, sources said.

Finance ministry considers cutting taxes on petrol, diesel: Report The Ministry of Finance is considering cutting excise duties on petrol and diesel to cushion the impact of record high domestic prices, three government officials close to the discussions said. A doubling in the price of crude oil over the past 10 months has contributed to record fuel prices at gas stations in India. But taxes and duties account for roughly 60 per cent of the retail price of petrol and diesel in the country, the world's third biggest consumer of crude oil.