High petrol, diesel prices burden on consumers; tax cut should be joint call of Centre, states: FM Sitharaman

Finance Minister Nirmala Sitharaman on Friday acknowledged that consumers have a case for petrol and diesel prices to be brought down but said a reduction in taxes to make that happen should be a joint call of the central and state governments.

As much as 60 per cent of the retail price of petrol, which has shot above Rs 100-mark in some places in Rajasthan, Madhya Pradesh and Maharashtra and is at an all-time high elsewhere in the country, is made up of central and state taxes. Taxes make up for about 56 per cent of the record high diesel rates.