Petrol-diesel prices may come down to Rs 25 Learn how

New Delhi, 11 March 2021 Thursday

Petrol-diesel price hike has become a headache for the people, despite the huge contribution of various government taxes and state government taxes behind it, the country is taxed at 60 per cent on petrol and 56 per cent on diesel. Now the government is talking about bringing petrol and diesel under GST. Finance Minister Nirmala Sitharaman has also hinted at this.

If petrol-diesel is brought under GST, people can get cheaper petrol up to Rs 75 per liter, although bringing it under GST would impose a burden of Rs 1 lakh crore on the revenue of the Center and the states, which is 0.4 per cent of the country's GDP. Experts have estimated the price of crude oil at 60 60 a barrel and the dollar at Rs 73 per dollar.

Although the state governments are not ready to bring petrol-diesel within the limits of GST, the GST was enacted on July 1, 2017, at which time petrol and diesel were excluded due to high dependence of the states. And if it is brought under GST, its price will be the same across the country.