Union Finance Minister Nirmala Sitharaman on Friday ruled out any cut in excise duty levied on petroleum products for now.

       Addressing a press conference here, she said that there is no such proposal at the present to reduce prices of petroleum.

       "When the international 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. This is a market mechanism which is followed by oil marketing companies. We have given them the freedom," she said in response to a question.

       Sitharaman added that the Centre is spending on providing free food grains to the poor besides spending money on vaccines and healthcare infrastructure. "So, state governments can give relief by reducing taxes or levies on petrol," she said.

       She also said that petroleum can only be brought under the Goods and Services Tax (GST) regime only if the GST Council so decides.

       --IANS

       nbh/vd

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