Petrol, Diesel Under GST? Union Budget 2026 May Announce Price Cuts

• Union Budget 2026, to be presented by Finance Minister Nirmala Sitharaman on February 1, may include an announcement to bring petrol and diesel under GST.
• Currently, petrol and diesel prices vary across states due to multiple taxes, including central excise duty and state VAT.
• Bringing fuel under GST would abolish VAT and excise duty, potentially leading to a significant reduction in retail prices.
• Experts suggest that reduced fuel prices could also lower transportation costs, impacting prices of essential commodities.
• Implementation requires consent from all states, as some are concerned about potential impacts on state revenue.

Why It Matters: Union Budget 2026 might bring petrol and diesel under GST, potentially lowering fuel prices significantly.