Common people are going to get big relief about fuel. Exciting news is on the horizon for everyday citizens with the upcoming budget. The government is considering a reduction in petrol and diesel prices, which could lead to significant savings. There’s a possibility that the excise duty on oil may be lowered, as the current rates stand at Rs 19.90 for petrol and Rs 15.80 for diesel. Following suggestions from industry groups, the Government of India might implement these cuts in the budget.
The prices of petrol and diesel play a crucial role in the Indian economy, affecting not just individuals but also various industries. When fuel prices rise, it can lead to inflation, putting a strain on the average person’s finances. Thus, lowering these prices would not only ease the burden on the public but could also enhance the overall economic landscape of the nation.
CII’s Proposal
The Confederation of Indian Industry (CII) has urged the government to consider reducing the excise duty on petrol and diesel. As a prominent industry body, CII advocates for the interests of Indian businesses. They argue that lowering fuel prices would benefit the public and decrease operational costs for industries, ultimately leading to lower production costs and a boost to the economy.
If the excise duty on petrol and diesel is decreased in Budget 2025, it could positively influence inflation rates. A drop in fuel prices would lower transportation costs, which in turn could help curb the rising prices of goods. This would improve the standard of living for many, as the costs of food and other essentials may also decrease. Additionally, such a move could be advantageous for the government by fostering industrial growth and increasing production.