The Prime Minister’s Office, the Union Finance Ministry, and the Oil Ministry held detailed talks on February 24 to discuss the current global oil prices, which have jumped in the backdrop of the crisis in Ukraine following Russia’s invasion.
The Prime Minister’s Office advised the Finance Ministry to reassess the current excise levels as oil marketing companies are at present absorbing losses at Rs 10 lakh per day on petrol and diesel, CNBC-TV18 reported.
The Oil Ministry informed the PMO and the Finance Ministry at the meeting held today about the losses being incurred by the OMCs.
The Finance Ministry will be doing an internal analysis on how much excise hit can be absorbed by the government. Notably, no decision has been reached on any excise duty cut yet.