June 16, 2012. in order to give relief to customers reeling under high prices of petrol, Finance Minister Pranab Mukherjee said Centre is willing to temporarily cut duties if the states agree to take similar steps. Mukherjee further said central and state taxes account for 50 per cent of the price which retailers pay. Last month, Oil Marketing Companies (OMCs) had raised prices of petrol by ' 7.54-per-litre in view of the rising prices of crude in the international market and rupee depreciation. Later, on June 3 the oil firms had cut petrol rates by ' 2.02 a litre. There is likelihood of further cut in prices as the international crude oil price for Indian basket declined to USD 95.97 per barrel on June 14. In June last year, after raising prices of diesel, LPG and kerosene, the Centre has slashed customs and excise duty on petroleum products to provide a cushion to the consumers against the hike.