The Central Government, recently slashed the excise and customs duties on petrol, diesel, kerosene and cooking gas. Which of the following is/are the reason(s) owing to which the Government has taken the decision ?
A. India is not self-sufficient in the field of petroleum products. Hence more and more imports is needed to meet the rising demand of such products. The decision taken by the Government will help the importers.
B. This is an attempt on the part of the Central Government to insulate domestic consumers from soaring prices of the petroleum products in the international market.
C. As per the agreement with the WTO, India has purchase 30 percent petroleum products from the international market and also to sell same amount of its domestic production on subsidised rate to 15 poor countries whose local petroleum production is also nil or less than 1 per cent of their total demand. A reduction in duties will help India to keep a balance in Purchase and selling of the same.