Petrol Diesel Prices: Get ready for the good news! Petrol-diesel prices may decrease, the government is doing this planning
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Food prices may increase
A senior source in the know of the matter said, “Food inflation may remain high. Prices of milk, maize and soyabean oil may raise inflation concerns in the times to come. The source said, “The government is looking at reducing the import duty on products like maize. There is 60 per cent basic duty on it. The Finance Ministry and RBI have not yet commented on this.
Tax can also be reduced on fuel
Tax on Fuel can also be reduced again. Global crude oil prices have declined in the past months and are now stable. Brent oil futures were trading lower at $84.32 a barrel on Wednesday afternoon. Fuel companies have not yet passed on the benefit of the reduced import prices to the customers or the companies were still busy in recovering their old losses.
India imports two-thirds of its oil requirement
India imports more than two-thirds of its oil requirement. Tax cuts by the central government will put pressure on pump operators to reduce prices for retail customers. This will help in reducing inflation.
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