An interesting statistics reveal that when the Modi government took over in May 2014, the price of petrol was ₹71.41, diesel was ₹55.49, but crude oil was $105.71 per barrel.
Today, crude oil is $82 per barrel, but the prices are double. Why?
An interesting fact given by a friend reveals that even after the reduction announced on Wednesday, the excise duty on petrol is ₹27.90 per litre and 21.80 per litre of diesel. Which is a huge amount.
Yes, the Centre has to give free vaccines and get COVID19 infrastructure, but why increase fuel prices so much that the common man is hit badly.
SURAJ NANDREKAR
Editor, Goemkarponn
In a major respite to the country’s people, Prime Minister Narendra Modi government announced a much-need cut in fuel prices in the country by way of a decrease in excise duty between ₹ 5 to ₹ 10.
The State government, especially the BJP ruled states, also followed suit with an additional decrease in Value Added Tax (VAT).
In Goa, the total relief is ₹ 7 on petrol and ₹ 12 on diesel.
Whatever may be the reason, be it the by-poll defeat or Diwali gift or something else, the common man is relieved that fuel prices have come down below ₹100.
In the year 2021, petrol prices were hiked by ₹28 and diesel by ₹26 per litre.
An interesting statistics reveal that when the Modi government took over in May 2014, the price of petrol was ₹71.41, diesel was ₹55.49, but crude oil was $105.71 per barrel.
Today, crude oil is $82 per barrel, but the prices are double. Why?
An interesting fact given by a friend reveals that even after the reduction announced on Wednesday, the excise duty on petrol is ₹27.90 per litre and 21.80 per litre of diesel. Which is a huge amount.
Yes, the Centre has to give free vaccines and get COVID19 infrastructure, but why increase fuel prices so much that the common man is hit badly.
According to Finance department officials in the Goa government, based on April to October consumption numbers, the loss of revenue to the government due to the VAT deduction will be significant.
This totals to an annual impact of over hundreds of crore, industry sources said.
However, while the prices have been dropped to relieve the common man, it must remain stable for now. Given the rise in prices since April, especially in the last 15 days, it is certain that prices will be increased by the oil companies in the coming days.
Hence, the excise duty decrease announced by the Centre and the State will become redundant soon.
One also opined that the drop in fuel prices is too little too late. From ₹70 / per litre a few months ago, petrol and diesel have now reached ₹ 98 in Goa today.
So, where is the relief? This is like increasing a product price by 100 per cent and then, given elections reduce it by 50 p.c. The Centre is still in profit of 50 p.c.
Post pandemic, every individual (except government servants, who get Dearness Allowances) is affected by business loss due to lockdown.
To give relief to the common man, the Centre needs to grant some relief to the common man.