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Govt rules out excise duty cut as fuel prices hit fresh high

Govt rules out excise duty cut as fuel prices hit fresh high
NEW DELHI, SEP 10 (AGENCIES) | Publish Date: 9/10/2018 1:13:26 PM IST

A cut in taxes on petrol and diesel is ruled out for now as neither the Central government nor some states have the appetite to stomach revenue loss from such a move, a top government official said Monday.

While a cut in excise duty that the central government levies will impact fiscal deficit, states like Bihar, Kerala, and Punjab are not in a position to cut sales tax (or VAT), the official, who wished not to be identified, said. The government, he said, anticipates that international oil prices, which together with a drop in the value of rupee has been fuelling the fuel price rise to record levels, will moderate in coming days.

In Mumbai, petrol now cost Rs 88.12 per litre while diesel prices touched Rs 77.32 per litre. As on Monday, petrol price in Dimapur cost Rs. 78.40 per litre and diesel Rs. 70.55 per litre. In Kohima the price of petrol was on the brink of touching the 80 mark, costing Rs. 79.22 per litre as on Monday while diesel cost Rs.71.17 per litre.

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