In the Rajya Sabha, Finance Minister Nirmala Sitharaman said in a written reply that the RBI had suggested control of all types of taxes to control fuel price in June itself. He said that the government is monitoring the price of petrol and diesel.
RBI had suggested to reduce the tax on petrol and diesel.
Petrol and diesel rates are skyrocketing. In most cities it has crossed 100. Inflation rate is increasing continuously due to expensive petrol and diesel. This is the reason that in the monetary policy of August, the RBI has increased the inflation rate target. So far, no concrete steps have been taken by the government to cut the price.
Today, in a written reply to a question in Rajya Sabha, Finance Minister Nirmala Sitharaman said that the government is continuously monitoring the fuel price. Various steps have been taken to bring the inflation rate under control. In her reply, Sitharaman said that the Monetary Policy Committee of the Reserve Bank of India had drawn attention to the rise in commodity prices in the international market in June. The RBI had especially warned to take the rise in the price of crude oil seriously.
RBI had warned in June itself
In his reply, the Finance Minister quoted the statement of the Reserve Bank and said that there is a need to gradually adjust the excise duty on fuel, cess, other types of tax levied by the Center and the state in a coordinated manner. In this way price control can be brought. Due to the expensive fuel, the input cost increases significantly, because it is used in many places from transportation.
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