(PTI)
Oil Minister Dharmendra Pradhan on Wednesday ruled out cutting taxes on petrol and diesel to cushion the impact of rising international oil prices that has led to petrol rates increasing by over Rs 6 per litre since the beginning of July.
State-owned oil companies in June dumped the 15-year-old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight dropped but have since July 3 been on the rise.
While petrol prices have increased by Rs 6.08 to reach Rs 69.12 a litre in Delhi, the highest since August 2014, diesel rates have risen by Rs 3.65 to Rs 57.01. “That situation has not come where we should relook at tax structure,” Pradhan told reporters on the sidelines of an industry event here.The rate changes are being done on a transparent basis and city-wise prices are available through SMS, he said adding the daily price change model best reflects the happenings in the market.
