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Both Centre and state will have to talk on fuel prices, says Nirmala Sitharaman at IIMA

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Union Finance Minister Nirmala Sitharaman on Thursday said the state and the centre will have to talk about reducing taxes on fuel to provide relief to consumers.

The finance minister who was at IIM Ahmedabad said it is not just the cess but there is also the excise duty of the Centre and the VATs of the state which are percentage driven.

“We can bicker about who earns more but whatever centre earns, 40% of it goes to the state. I agree that the burden on the consumer should be less,” she said.

For providing relief to consumers, the centre and state needs to talk but let us see what we can do, the finance minister said.

On the sale of PSUs, she said the intent of the government is not to shut public sector units but to run them more efficiently with the help of the private sector.

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“We trust businesses and can’t keep pumping taxpayers’ money into PSUs to keep it alive. How long can it go?” she asked.

Fuel prices

Petrol prices in the country have risen sharply with some cities recording a price of Rs100 per litre.

Petrol and diesel prices in the country were revised again on Tuesday this week as crude oil prices surged. After the revision in retail prices, petrol prices rose by 31-35 paise while diesel prices rose by 33-38 in major cities in the country.

Oil minister Dharmendra Pradhan had on Sunday said the international market had cut oil production which was making the commodity costlier. He said India had urged the Organisation of the Petroleum Exporting Countries to avoid an output cut.

The price of the fuel varies in different states depending on VAT and freight charged there.

 

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