International oil prices have fallen to the extent of creating bankruptcy for the producers. Yet Modi circar has not passed on the benefit to Indian consumers by reducing the fuel prices in India. Instead they are cornering the price differential through excise duty and generating higher profits to the oil companies with the ulterior motive of siphoning off the funds through mega scams. Rising prices and high cost of living is pushing many middle class indians to bankruptcy, but Modi ji is busy in international affairs. Will he ever get time to think of poor Indian citizens before the elections? more
On petroleum products, the excise duty is specific i.e on a fixed measure of petroleum, a fixed amount of duty is collected. Therefore increase or decrease in price does not affect excise revenue collection. In the present scene, when the rates of petroleum are down, the government has increased the rate of specific duty in order to mop up more money by way of excise. This will ultimately help to lower budget deficit, thus presenting a wrong picture of the government's performance and factual position. It is nothing but fooling the public. Government thinks if the person was paying Rs.80/- for a litre of petrol, why should he now pay only Rs.40/- ? . So they fill their coffers, passing on a miniscule benefit to the public. They just balance their budget and then will say Oh ! look what a good boy am I ? more
Sizeable number of people are paying oil through cash of unaccounted money, equally sizeable number of consumers like private company owners and professionals are debiting the expenses in their company expenses. Oil prices should not be reduced. I am sorry for your miserable situation but please understand that draining of foreign exchanges should also be controlled. more
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By Chunilal Malik
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