Petrol hits Rs 94 per litre in Mumbai, but no tax cut

Oil Minister Dhar mendra Pradhan on Wednesday ruled out any cut in excise duty, for now, to give relief to consumers from the spiral ling retail prices of pet roland diesel which have touched all-time highs.

"There is no such proposal at present ," he said in the Rajya Sabha when asked if the government was looking at cutting taxes to cool off prices.

Petrol price crossed the Rs 94-mark in Mumbai and diesel soared to Rs 84.63 per litre on Wednesday. Retail pump rates have not seen a reduction in almost 11 months.

International benchmark rates had plunged to decade low sin April. The government had hiked excise duty on petrol by a record Rs 13 per litre and on diesel by Rs 16 al it re tom op up gains arising from the fall in rates but did not cut taxes when oil prices bounced back.

Pradhan said retail pump rates are governed by international prices as India is 85 per cent de pendent on imports f or meeting its need.

"When the inter national price of crude oil is higher, we have to increase the prices and when the international price is lower, we have to decrease the prices here too,” he said.