Finance Ministry is looking at the possibility of reducing taxes on petrol and diesel as per reports. Taxes and duties account for over 60% of the petrol bill at this point. Along with soaring crude oil prices , hefty tax bill has pushed petrol prices to record highs across the country topping the Rs 100/litre mark.
Reports quoted unnamed Finance Ministry sources as saying "We are discussing ways in which prices can be kept stable. We will be able to take a view of the issue by mid-March."
GST collections have been above Rs 1 lakh crore for the 5th straight month in February has given some room to the govt to lower the fuel bill burden on the consumers.