2 min read.Updated: 20 Sep 2017, 11:44 PM ISTTadit Kundu
Exploiting low crude prices has been a key component of the Modi government's fiscal consolidation strategy
High prices of petrol and diesel are the new political hot potato. Opposition parties are attacking the government for not passing on the benefits of low crude oil prices to consumers. They have a point. Current price of one litre petrol in Delhi is more or less similar to what it was in January 2014. The big difference, however, is that the current Refinery Transfer Price (RTP) is only 60% of what it was during January 2014. RTP is the price component attributable to crude oil prices and exchange rate. Centre’s current excise duty earnings per litre of petrol are more than twice of what they were in January 2014.
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