Govt looking at cutting taxes on petrol and diesel

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.