'No proposal to reduce excise duty on petroleum products'

BENGALURU: Union Finance Minister Nirmala Sitharaman on Friday ruled out any cut in excise duty levied on petroleum products for now. Addressing a press conference here, she said that there is no such proposal at the present to reduce prices of petroleum.

"When the international price of crude oil is higher, we have to increase the prices and when the international price is lower, we have to decrease the prices here too. This is a market mechanism which is followed by oil marketing companies. We have given them the freedom," she said in response to a question.

Sitharaman added that the Centre is spending on providing free food grains to the poor besides spending money on vaccines and healthcare infrastructure. "So, state governments can give relief by reducing taxes or levies on petrol," she said. (IANS)

Also Read: Indian equities subdued amid weak global cues

Also Watch: