With crude oil price inching towards $70 a barrel, Oil Ministry had earlier sought the intervention of the finance ministry to cut down the excise duty on petrol and diesel in the budget.
Since then prices are revised on daily basis. As per the reports, there is no change in Petrol and diesel price has been made by the government of India. Practically, there is no impact on the final price of petrol and diesel. But petrol and diesel will not be cheap. The new prices came into effect at 6 am on February 2.
The Budget reduced basic excise duty on branded and unbranded petrol as well as diesel.
Previously, Road and Infrastructure cess on motor spirit stood at Rs 6 per litre.
Earlier, the Finance Ministry had announced a Rs 2 per litre cut on petrol and diesel with effect from October 4, 2017, to cushion the impact of rising worldwide prices of these petro products. "If prices rise, that would hurt demand growth, which would be credit negative for the oil-marketing companies". "Considering that the Union government wants to invest in development of the infrastructure sector, this cess will be an additional source of income for this goal", Mr. Jain added.
"FY19 budgeted excise collections from auto fuels seem to build in no cut in excise duties during the year despite high crude prices".
Secondly, the government also provides a subsidy for fuel products in order to buffer against prices.
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