It's high time the government reduced taxes on fuel
- The government should calibrate the high level of taxes and levies on petrofuels, so as to moderate the direct impact on households and businesses
When petrol prices jumped from around ₹70 to over ₹100, it was a significant shock to households and businesses' balance sheets. The exorbitant cost of fuel has forced households to cut back on spending for other essential items. But, it appears that the government has not acknowledged the economic fallout and is maintaining the status quo. Thankfully, the government has the power to ease the burden by making adjustments to taxes.