India cuts oil tax after the price hit a record high

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This decision is aimed at alleviating price increases and It "continues to stimulate the overall economic cycle," the government said.Global commodity prices have skyrocketed this year. As the global economy recovers from the pandemic

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However, the move is expected to increase fuel demand. because different countries try to control the use of fossil fuels India's excise tax on gasoline is reduced by 5 rupees (瞿0.049; 0.0671) per liter and 10 rupees for diesel

Reducing excise taxes on gasoline and diesel will increase consumption and keep inflation low. which will  the poor and middle class,��� the government statement said.Following the announcement of the federal government, at least 10 states run

by Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) or his allies said they would go ahead and cut local fuel taxes. up to 7 rupees per liter The announcement was made on the eve of Diwali. This marked the beginning of a busy festival in India.

which usually increases consumer spending.

The tax cuts are also likely to help ease pressure on producers and farmers who see their overheads being driven by higher fuel costs.World oil prices have skyrocketed this year. which had a severe impact on India This is because approximately 85% of the oil consumed is generally imported.

This helped push gasoline and diesel prices to record levels.Lowering diesel prices is one of the main demands from the country's farmers. which has been holding large protests for more than a year.The government statement stated that diesel tax cuts