A day after the Central Board of Excise and Customs (CBEC) said finance minister Pranab Mukherjee was considering an increase in excise duty on diesel cars, a consensus seems to be building within the government, with the oil ministry supporting the move. Following this, key stakeholders involved in taking a decision on increasing excise duty on diesel vehicles are likely to meet on Wednesday, according to three people, including a top...
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The political economy of petroleum prices-Vikram S Mehta
Desired outcomes can be reached through a series of ‘imperfect’ small initiatives What is to be done? How can we untie the Gordian knot that has so entangled the political economy of petroleum product prices? This is the question that now exercises our most experienced politicians and our ablest economists. Most well informed people know that a country that imports 80 per cent of its oil requirements cannot de-link itself from the...
More »Now cooking: battle for rice by Pranesh Sarkar
The Mamata Banerjee government is gearing to fight the Centre afresh for an additional allotment of subsidised rice to keep a pet project afloat. A shortage of cheap grain has hit the state’s Rs 2-a-kg rice scheme for about 20 lakh “needy” people who don’t figure on the below-poverty-line (BPL) list, with supplies having been stopped in the Darjeeling hills since April. Although the Centre had made it clear on March 12...
More »petrol price down Rs 2 a litre, another Re 0.92 cut next week
-The Times of India State-run fuel retailers on Saturday reduced petrol price by Rs 1.68 per litre, excluding state taxes. This means consumers in Delhi would pay Rs 2 less per litre at pumps from midnight and will see an additional 92 paise reduction next week after the local government notifies a reduction in the value added tax (VAT). In other states, the extent of decline would vary by a few paise...
More »petrol price: Oil firms, govt play politics at consumers' cost-Sanjay Dutta
State-run fuel retailers don't tire of flashing their "autonomy" to justify raising petrol price. But when it came to a reduction on Thursday, they suddenly appeared to have developed political bones: the three oil marketers firms hastily pulled back plans to cut price by Rs 1.60 or so, excluding taxes, to prevent the opposition from taking credit. The retailers had raised petrol price by Rs 6.28, excluding taxes, on May 23....
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