New Delhi: Economic Survey 2021-22 has marked the increase in oil prices and rupees – both impact on fuel prices – without providing guidance on the need for further excise reduction.
In the background of the Benchmark of the Global Brent violated the $ 90 / barrel sign, it was safe to assume the revision of the pump price would be continued after the political policy of the state poll ended on March 10.
Referring to excise cuts on gasoline and diesel Rs 5 and Rs 10 per liter, respectively, the survey said it was done to bring assistance to consumers when oil prices side by side exceeded $ 84 per barrel in October.
The survey noted that excise duty pieces also encourage the state to Pare VAT, which extends relief for consumers.
Simultaneously, the survey noted that crude oil prices increased in recent months and the dollar exchange rate also showed an increase trend, “hovering around Rs 75 per USD which also has an impact on the price of gasoline and diesel (price).
But this survey is silent in reality that fuel prices are at the same level as they on November 4 even though oil has increased by $ 10 / barrel since then.
When customs are cut, oil drifts around $ 80, the cost of gasoline is more than Rs 100 throughout the country and diesel between Rs 80 and Rs 90 per liter.
Fuel prices remain static since November 4 because of the fuel retailer managed by the state, which controls 90% of the market, has not revised prices under the informal government dictated driven by the consideration of the poll.
Go with the instance of the past , there is no way out of high fuel prices after the state poll ends due to tensions in West Asia and UKRA INA is expected to redeem the oil market.