Business & Economics

Amitabh Kant Explains Why Fuel Prices Cannot Be Cut

BP World Bureau | Jul 16 2021 11:05:41 AM
Image credits: Twitter

NEW DELHI: NITI Aayog CEO Amitabh Kant said that fuel prices cannot be cut anytime soon because the ideal pace of tax collection must remain for enough resources to help revise the economy amid the COVID-19 pandemic.

Speaking to NDTV, he said that with scarce resources, it is difficult to invest  huge sums into top quality infrastructure. 

Both petrol and diesel saw massive hikes in the months of June and July. Experts had stated that this increase of fuel prices is a matter of concern. 

In metro cities like Mumbai, Delhi, Kolkata, the fuel prices have crossed Rs 100 per litre. 

Read: RBI Bars Mastercard From Issuing New Debit, Credit Cards From July 22 

Reserve Bank of India's data revealed that retail inflation remained above the RBI's comfort level of 6% for two straight months at 6.26% in June.