The government’s headline-grabbing benevolence of up to Rs 2.50 per litre cut in petrol and diesel prices couldn’t sustain even for two weeks as diesel prices hit another lifetime high on October 16.
The boiling crude and plummeting rupee has sucked all the benefits of compassionate tax cut on fuels, offered on October 4, leaving the government with a revenue hole of Rs 13,000 crore during the remaining part of the current financial year.
What is more worrying is the fact that the government and oil companies are seemingly clueless about the next course of action on petroleum prices while fiscal siren beckons over the Centre’s budget amid a sustained surge in crude oil prices and the tumbling rupee.
As Shakespeare’s Cassius (Julius Caesar) said – the fault, dear Brutus is not in our stars, but in ourselves that we are underlings – India is, in fact, paying the price for its own exploitative and irrational energy tax policy. Volatile global energy market has less to do with it.
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