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Petrol Diesel Rate: Petrol-diesel prices can be cheaper, because the government can once again reduce the tax on fuel prices. It has been said in the report that to reduce the inflation rate, the Government of India can reduce the tax on fuel and some other things. If such a decision is taken by the government, then the prices of petrol and diesel can be reduced considerably.
According to a Reuters report, this decision can be taken after the release of the February inflation data. India’s annual retail inflation rate has increased from 5.72 percent to 6.52 percent. Sources told that the government can again reduce the tax on fuel, along with this it can also reduce the import duty.
Fall in crude oil prices
At the global level, there has been a decline in the price of crude oil for some time. At the same time, the fuel companies have not passed on the low import cost to the consumers and those companies, which are trying to make up for the past losses. In such a situation, as soon as the tax is reduced by the government, the petrol pump will get direct benefit and retail customers can get petrol-diesel at a cheaper price. Also, there are chances of getting relief from inflation.
The prices of these things will also come down
Not only petrol-diesel consumers, but also customers using other products will get the benefit of government’s reduction in tax and import duty. If there is a huge cut in the price of maize, then the price of soya oil can also decrease. Along with this, the price of milk is also expected to fall.
Local governments can also reduce tax on fuel
The annual retail inflation rate has been more than 6 percent in January, which was 5.9 percent in December. Recently, the repo rate has also been increased by the RBI. Some experts believe that if the retail inflation remains more than 6 percent, then the central bank can increase the rates once again. To reduce inflation, the central government can also appeal to the state governments to reduce taxes.
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