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The Prime Minister's Office is believed to have conveyed to the finance ministry to assess current excise levels, CNBC TV18 reported
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The government is taking note of the current oil situation in the country after Russia launched military operations in Ukraine sending crude oil prices above $100 a barrel after eight years, according to a report by CNBC TV18.
The Prime Minister's Office is believed to have conveyed to the finance ministry to assess current excise levels, CNBC TV18 reported.
The finance ministry is assessing the extent to which it can absorb the excise hit.
Finance minister Nirmala Sitharaman in the past week described the rising crude oil prices as a challenge for India's financial stability during the FSDC meeting.
Local fuel prices have remained static since November 4 last year when Prime Minister Narendra Modi announced a cut in excise on diesel by Rs 10 and petrol by Rs 5 a litre.
Oil Marketing Companies (OMCs) have been taking a hit due to under recoveries at a time when global crude oil prices have surged.