-Livemint.com * Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel * On 20 February, petrol price was hiked by record 39 paise per litre and diesel by 37 paise a litre Reserve Bank of India governor Shaktikanta Das called for reduced indirect taxes on petrol and diesel to contain the fuel prices at a reasonable level. Petrol and diesel prices in...
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Overtaxation of petrol and diesel cannot be justified
-The New Indian Express Which means sometime last year, when crude was averaging $25 a barrel, petrol should have sold for Rs 50 a litre. Nearly two-and-a-half years ago, when global Crude Oil prices were around $75 a barrel, petrol was selling at Indian pumps for Rs 75 a litre. Today, when Crude Oil prices have fallen to $52 a barrel, petrol prices have hit an all-time high of Rs 86 or...
More »Farmers want better APMCs, not ‘mukti’ from them, says AIKMS
-The Hindu The document argued that the diesel cost had been raised tremendously by the present government. The Left- affiliated All-India Kisan Mazdoor Sabha (AIKMS) on Sunday released a document countering the claims of the Modi government on the three contentious farm laws, saying that the government’s arguments for not repealing the legislations were “deceptive” and “untruthful”. It also accused the government of propagating “falsehood” to claim that the laws would help...
More »Core’s contraction: On slowing economy
-The Hindu As output and demand slow, India must retain twin focus on the pandemic and economy Output in the eight core industries suffered an overall contraction for a third straight month in May, shrinking 23.4%, as the pandemic-induced lockdown kept large parts of the economy shuttered, the Commerce Ministry’s provisional figures show. Of the eight, all but one posted declines in production compared with a year earlier, with six sectors witnessing...
More »Explained: What explains Crude Oil prices falling below the $0 mark -Udit Misra
-The Indian Express The first thing to understand is that, even before the Covid-19 induced global lockdown, Crude Oil prices had been falling over the past few months. US oil markets created history on Monday when prices of West Texas Intermediate (WTI), the best quality of Crude Oil in the world, fell to “minus” $40.32 a barrel in New York. Not only is this the lowest Crude Oil price ever known —...
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