Though the excise duty on oil has decreased, consumers are deprived of any benefit as a new cess has been added to it, thereby nullifying the cut. If this was not enough, even some buses, luxury cars and bikes and its maintenance could get costlier due to increase in import duties.
In its Budget on Thursday, the government reduced the basic duty by Rs 2 per litre for petrol and diesel, besides doing away with additional excise duty of Rs 6. It has not helped in bringing the price of the fuel down as the government has introduced a new cess of Rs 8 per litre.
Sudhir Mathur, CEO, Vedanta Cairn Oil and Gas, said he was seeing little action in the Union Budget to address the immediate need of the economy to attain energy security and reduce the burden of crude oil import at a time when oil prices are rising. Read More…
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