Currently, fuel is fuelling power to extreme heights. Petrol prices have broken the stratosphere and BJP supporters are fooled to no end.
Domestic prices were linked to fluctuating international crude prices. In March 2020, the international prices dropped to a negative. Buyers were urged to lift stock and store it in possible manner.
Despite this, the domestic price was maintained to pre-March 2020 rates with the government increasing excise duty on petrol and diesel. The government effectively ‘sucked’ up these gains from the public!
Later, when international prices came back to normal, the increased excise rates remained and domestic prices yet again followed the international market prices with a ‘new’ higher base rate.
Analysts say that if excise duty remains the same, then the revenue would be Rs 4.35 lakh cr as against the FY22 budget of Rs 3.2 lakh cr. That means the excise duty can be reduced by Rs 8.5 per litre anytime before April 1, and still meet the budget.
In Goa, there seems to be no one to question the government. GCCI, ASSOCHAM have given their pre-budget wish list but without any mention of the astronomical fuel costs. Hope better sense prevails.
