Manufacturing cost will increase with rising prices of petrol and diesel, RBI Governor said – talks should take place between the central and state governments

Last week, Union Finance Minister Nirmala Sitharaman said that the central and state governments need to work together to reduce the price of petrol and diesel so that people can get relief.

Shaktikanta Das

After the price of petrol and diesel remained stable on Sunday, the prices of diesel and petrol have been increased once again by the state oil companies. After the increase in prices 13 days ago, not once has the prices of petrol and diesel been dropped. The price of one liter of petrol in the national capital Delhi is Rs 90.93 and diesel is Rs 81.32. In the meantime, Reserve Bank of India Governor Shaktikanta Das suggested to the Central Government that the Indirect Tax (Indirect Tax) on petrol and diesel should be cut, so that the prices can be reduced.

More than 60 percent of the price of petrol is taxed by the central and state governments, while diesel is 54 percent. RBI Governor said that it is necessary to reduce the tax on oil gradually so that the price pressure can be removed. He further said that, we know that the states and the Center have their own revenue pressures and a high amount is needed to get the country and the people out of COVID stress. But it is important to have a conversation between the two.

Manufacturing cost of vehicles may increase due to rising prices

RBI Governor Shaktikanta Das said that diesel and petrol prices also have a direct impact on the manufacturing cost of vehicles. He said that the rising prices of petrol is not just for the passengers who use cars and bikes. Rather, rising prices also affect manufacturing, transportation and other aspects of costs.

Let us know that last week, Union Finance Minister Nirmala Sitharaman had said that the central and state governments need to work together to reduce the price of petrol and diesel so that people can get relief. At the same time, earlier Finance Minister Nirmala Sitharaman had said in her budget address that the custom duty on auto parts would be increased to 15 percent, which would also make it expensive. In such a situation, the direct increase in prices of petrol diesel will have a direct effect on the car and manufacturing.

Prices may increase further

Goldman Sachs, Morgan Stanley and Bank of America say that 100 rupees petrol will now be common. They estimate that in the next few months, the price of crude oil will reach near $ 70. It is possible that it will reach 75 dollars.

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