International crude oil prices soaring past $90 per barrel may prompt the government to cut excise duties on petrol and diesel in the upcoming Union Budget 2022. The government may consider providing relief to consumers, as global uncertainties over the peaking oil prices could push the price of crude oil even further, analysts say. “With Brent crude prices soaring toward US $90/bbl, fuel consumption will anyway be constrained by the much higher oil prices – and a countervailing reduction in excise duties at this time will help cushion the impact on fuel consumers,” HDFC Securities said in a note Monday. Brent crude price jumped above $91 per barrel today.
