Petrol, Diesel Tax Cut: Union minister of petroleum and natural gas Hardeep Singh Puri has said the latest excise cut on petrol and diesel prices is in a way are continuations of the November price cuts last year. Finance minister Nirmala Sitharaman had announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel two days back. As a result, petrol prices have been reduced by Rs 9.5 per litre, while diesel prices have been cut by Rs 7 per litre. Puri also said that oil marketing companies are doing their part in controlling petrol prices as responsible entities at a time when crude oil rates are very high
“On the decision, which was taken yesterday, I would like to remind you that this is in a sense, a sequel. Earlier, a decision was taken on November 4 last year because of the Prime Minister’s considered and very well thought through assessment that the burden on the common man, the Aam Aadmi needed to be addressed,” Puri told CNBC TV 18 in an interview. The interview was held on the sidelines of the World Economic Forum Annual Meeting 2022.
The minister praised the prime minister, saying that he was very sensitive. “He made the determination based on inputs he received from a lot of stakeholders within the system, his own ministers and other other inputs provided that it was necessary to cut petrol and diesel prices at that state, cut the excise by Rs 5 and 10,” Hardeep Singh Puri told CNBC TV18 in the interview.
“It is always people first for us! Today’s decisions, especially the one relating to a significant drop in petrol and diesel prices will positively impact various sectors, provide relief to our citizens and further ‘Ease of Living’,” prime minister Narendra Modi had said on Saturday after Sitharaman announced the duty cut in petrol and diesel.
Asked if oil marketing companies will go on with their current stance of not altering the petrol price and diesel price from their end, or if they will start a resumption in the fuel price hike, Puri said, “Oil marketing companies are also responsible citizens. They are very strong stakeholders in our system and clearly, they do their own decision making.” Since over a month, oil marketing companies have not made any changes in petrol and diesel prices even as the global crude oil prices have remained high and extremely volatile amid the ongoing geopolitical tensions between Russia and Ukraine.
The petroleum minister added that oil marketing companies are playing their part as responsible citizens and responsible entities in controlling petrol and diesel prices, even though it is a challenging task. “Now, obviously, if they have under recovery in one area, and this is for them to answer, maybe because they make up in petrochemicals or in refining and other areas, they are able to do it. But you know, it is not for me, as the Minister for petroleum and natural gas to have to tell them what they can do and what they can’t do,” Hardeep Puri said.
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