No proposal to reduce excise duty on petroleum products: FM Nirmala Sitharaman

IANSUpdated: Friday, July 02, 2021, 09:02 PM IST
article-image
ANI

Union Finance Minister Nirmala Sitharaman on Friday ruled out any cut in excise duty levied on petroleum products for now.

Addressing a press conference here, she said that there is no such proposal at the present to reduce prices of petroleum.

"When the international price of crude oil is higher, we have to increase the prices and when the international price is lower, we have to decrease the prices here too. This is a market mechanism which is followed by oil marketing companies. We have given them the freedom," she said in response to a question.

Sitharaman added that the Centre is spending on providing free food grains to the poor besides spending money on vaccines and healthcare infrastructure. "So, state governments can give relief by reducing taxes or levies on petrol," she said.

She also said that petroleum can only be brought under the Goods and Services Tax (GST) regime only if the GST Council so decides.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Mumbai: Bombay HC releases man on bail as voice samples not collected properly

Mumbai: Bombay HC releases man on bail as voice samples not collected properly

Maharashtra: Fisherman dies in explosion at Amravati; gelatin sticks suspected to have been used to...

Maharashtra: Fisherman dies in explosion at Amravati; gelatin sticks suspected to have been used to...

Bilkis Bano Case: Ignominy amid PM’s call to respect women

Bilkis Bano Case: Ignominy amid PM’s call to respect women

Mumbai: CNG, PNG prices to reduce from today midnight; check new rates here

Mumbai: CNG, PNG prices to reduce from today midnight; check new rates here

Mumbai: Dead body of man in his 50s found in BKC creek

Mumbai: Dead body of man in his 50s found in BKC creek
epaper
Do you wish to receive daily Epaper on your WhatsApp for FREE?
NO
Yes