New Delhi: The price of high fuel is here to remain until crude oil prices fell, the main policy maker said on Monday, adding India, as the third largest consumer in the world, has been reasoned with producing countries “whatever is above $ 70 Per barrel (crude) price) “can boomerang to them because it will slow the global economic revival and crash into oil demand, which has faced the wind from electrical mobility.
With the pump price hit the record level above important state polls, oil minister Hardeep Singh Puri has held a series of dialogue with colleagues from leading manufacturers.
But unlike muscle approaches from its predecessor Dharmendra Pradhan, a former diplomat takes a nuanced approach to directing the house of the need for market stability and “balanced” price determination that is “fair” for producers and consumers.
“The government wants fuel to be cheaper.
But today, India meets 85% of its oil requirements through import.
With high import dependence, there is little that can be done to reduce pump prices.
Then there is a burden on oil bonds left by the government upa, “The policy maker said, asking for anonymity.
As the Benchmark of Brent Crude has reached $ 85 / barrel, the price of gasoline and diesel has passed the RS 100 per liter, mostly because excise and high VAT crashed into the impact.
Refill LPG, or a cooking gas cooking household, floated above the RS 900 too, squeezing the household budget since the subsidy was removed last year.
But the policy maker believes that excise is charged at a fixed level, while VAT is collected as a percentage, which strengthens increased bases.
“Customs was raised when oil crashed $ 19 / barrel last year.
This is this tax that funds free vaccination, foodgrain and gas cooking provided to the poor through the free Locking Moans and LPG connections to the marginalized under the scheme of Ujwala,” he said.
“Now when we talk about reducing taxes, bring fuel under the GST regime, there is no condition that rises.
The proposal to bring gasoline and diesel under the GST regime does not cause a positive response to the GST council meeting recently and deferred.
So at Where will the center get money for the scheme or action of welfare against Covid and pay oil bonds? “In LPG subsidies, he said the utility and service must be paid.
“Any subsidies are intended for targeted consumer categories.
So in LPG they will continue to get it, say, for example the Ujjwala category.
But as a healthy economic principle, it will not return to the subsidy regime,” he said.
‘India lobbied with oil producers for crude oil under $ 70’
