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RBI bats for fuel tax cut

Feb 23, 2021 11:52 IST

Concerns of inflationary pressures from record-high fuel prices are taking rising, shows the minutes of the Monetary Policy Committee (MPC).

RBI Governor batted for reduced taxation on the fuel bill, as per the minutes of the rate-setting committee. RBI Chief Shaktikanta Das noted, “proactive supply-side measures, particularly in enabling a calibrated unwinding of high indirect taxes on petrol and diesel—in a coordinated manner by the Centre and states—are critical to contain a further build-up of cost pressures in the economy.”

This worry is backed by troubling figures at the start of the year. Fuel inflation was 3.87% in January which has seen a sharp increase over the last three months.