Finance Minister Nirmala Sitharaman on Friday finally acknowledged that consumers have a case for petrol and diesel prices to be brought down. However, Sitharaman, who had increased central excise duty on petrol and diesel by a record margin last year to mop up gains arising from international oil prices plunging to a two-decade low, remained non-committal on taking the first step to cut central taxes to give relief to consumers. 

She said a reduction in taxes should be a joint call of the central and state governments. As much as 60 per cent of the retail price of petrol, which has shot above R100-mark in some places in Rajasthan, Madhya Pradesh and Maharashtra and is at an all-time high elsewhere in the country, is made up of central and state taxes. Taxes make up for about 56 per cent of the record high diesel rates.