In a move to fight against the increasing economic crisis due to Covid pandemic, the central government is planning to increase taxes on Petrol and Diesel. As per the reports by IANS, the government is planning to increase excise duty on both, petrol and diesel by 3 to 6 Rs per litre. If this is done, then the government can earn about 60,000 crore in a financial year.
As per the sources, round of meetings are going on for this and soon the dates will be decided. With the increase in petrol and diesel prices, the government is also planning that the retail prices remain unaffected with the increase. The experts believe that if the retail prices of petrol and diesel are not kept under control, the inflation rate may go high, which has already become an election issue in Bihar.
It is also noteworthy that despite fall of crude oil prices worldwide, no changes have been reported in Petrol and diesel prices in the past one month. At present, crude oil is trading at $40 per barrel, while in the last month, it was around $45 per barrel.