Need to reduce taxes on oil in collaborative manner: CII President Sanjiv Bajaj

Need to reduce taxes on oil in collaborative manner: CII President Sanjiv Bajaj

In an interview to PTI, he said taxes on petrol and diesel were increased by the government at a time when the price of crude oil in the international market was low and the same needed to be reversed.







PTI









May 17, 2022 / 02:13 PM IST





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Making a strong case for reduction in taxes on petrol and diesel, CII President Sanjiv Bajaj on Tuesday said it should be done in a collaborative manner between the Centre and states with a view to containing the rising inflation.

In an interview to PTI, he said taxes on petrol and diesel were increased by the government at a time when the price of crude oil in the international market was low and the same needed to be reversed.

"Very clearly one of our prime constituents of inflation is oil. We've seen the rise on the ground of oil prices resulting in petrol prices. We've seen the impact on inflation and this needs to be urgently addressed.

"We know taxation, both Centre and states, is very high and it is something which we have seen when oil prices fell, at that time rates were