As part of its wishlist in the run-up to Union Budget 2025-26, the apex business chamber has said that reducing the excise duty on fuels is crucial as fuel prices significantly drive up inflation, forming a substantial portion of the overall household consumption basket.
The central excise duty alone accounts for approximately 21 per cent of the retail petrol price and 18 per cent for diesel. Since May 2022, these duties have not been adjusted in line with the approximately 40 per cent decrease in global crude prices. Lowering excise duty on fuel would help reduce overall inflation and increase disposable incomes, according to the CII statement.
This story is from the December 30, 2024 edition of The Statesman.
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This story is from the December 30, 2024 edition of The Statesman.
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