No duty cuts to soften fuel spike: Oil Minister Dharmendra Pradhan
NEW DELHI: The government has ruled out an immediate cut in taxes on petrol and diesel to soften the impact of the geo-political tensions, which have triggered a spike in global crude oil prices.
Brent prices crossed the $71-a-barrel mark early Wednesday morning after Iran launched a missile attack, but softened later in the day. Since last year, Brent prices have jumped nearly 15% and were trading around $68 a barrel.
Over the past year, the increase in pump prices of diesel and petrol has been around 10%. “There is no need to panic,” said a high-ranking government source, adding that prices had softened a little after a spike due to Qassem Suleimani’s killing last week but rose again after Iran fired missiles at American bases in Iraq on Wednesday.
