MUMBAI: The government is mulling an excise duty cut on auto fuels later this month, with analysts saying there is room for a cut of ₹8.0-8.5 per litre.
On Tuesday, Reuters reported that the Centre is considering an excise duty cut on petrol and diesel to protect consumers from record-high domestic prices.
Crude oil prices have doubled in the past 10 months, pushing up the fuel prices at domestic retail outlets. Coupled with local taxes and duties which account for 60% of fuel prices, retail rates have crossed ₹100 a litre in many states in the country.
