What Consumers Pay For Petrol, Diesel After Price Cuts
What Consumers Pay For Petrol, Diesel After Price Cuts
The cut in fuel prices will cost the exchequer Rs 10,500 for the remaining half of this financial year
07 October, 2018, 12:25
Petrol, diesel prices fell across the country on Friday with the government announcing a Rs 2.50 cut in the prices of both the fuels.
A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, May 21, 2018.
Several states on Thursday slashed fuel prices after the Narendra Modi-led Union Government announced a Rs 2.50 a litre cut in petrol and diesel prices. The move to bring down domestic fuel prices came amid worldwide crude oil rates soaring to 2014 highs in the past few days.
"This puts the entire deregulation policy of 2014 on shaky grounds", said Gagan Dixit, a senior analyst with worldwide brokerage firm Elara Capital, although he said any further intervention was unlikely for at least two weeks.
Govt cuts taxes on diesel and petrol by ₹1.50 per litre and asks state-run oil marketing companies to cut prices by ₹1 per litre. "However, if the crude price continues to go up and the rupee falls, this would then have only limited impact".
A government spokesman could not be reached for comment. Oil prices were on freeze for 19 days during the Karnataka Assembly polls in May this year despite a spike in worldwide crude prices.
In a boost to oil companies, the Reserve Bank of India (RBI) on Wednesday eased the overseas borrowing norms by up to $10 billion. "The government's capacity to provide relief is only when domestic factors are strong", he said.
Nearly half of the fuel price is made up of taxes.
In the process, the Modi government also scored an own goal against its pet theme of simultaneous polls as some citizens prayed for "an election a month or a week" to keep prices down.
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