The oil ministry has submitted a proposal to the Empowered Group of Minister (EGoM) for fuel price hike. The ministry has proposed that customs duty on crude oil be scrapped along with the excise duty on diesel.
The ministry has sought a Rs 4 hike on diesel, if duty stays. Similarly, Rs 150 hike in liquefied petroleum gas (LPG) and Rs 9 hike in kerosene would help the ailing oil and gas sector, says the oil ministry. In an interview with CNBC-TV18, RS Sharma, Former Chairman, ONGC said it is high time that customs duty on the crude prices should be removed altogether.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
