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Lower Oil Prices Do Not Mean Cheaper Fuel, Why? | Mint Primer | Mint

Crude oil prices which touched rock bottom when the covid pandemic broke out in 2020 have gained steadily since then, as the world made progress in the battle against the coronavirus. However, with the onset of the Russia-Ukraine war in February and following supply chain disruptions, oil prices began climbing, peaking at $127.98 in March. With the global economy slowing down, crude oil prices fell as low as $76.1 in the first week of December. However, retail customers may have to wait longer for relief, why? Let us analyze the implications of cheaper oil for the Indian economy.

1 Feb 2023
News

Pakistan announces record increase in fuel prices

The hike ranges from 27% to 66% depending on the petroleum product, and drew criticism on social media on Saturday, a day after it was announcedPakistan's economy contracted for the first time in 68 years due to the pandemic, Its GDP to shrink by 0.4% instead of an initially projected 2.4% growth.

1 min read27 Jun 2020
Politics

Indirect tax collections in FY’19 may fall short by Rs90,000 crore: Report

Total GST collections come at Rs6.78 trillion as compared with the 2018-19 Budget Estimate of Rs7.44 trillion, including SGST and IGST

1 min read22 Nov 2018
Opinion

Opinion | Testing times for Indian policymakers

As the country heads into a long spell of elections, the government will be under constant pressure to reduce taxes on petroleum products

3 min read4 Oct 2018
Politics

Petroleum products may not be brought under GST soon

States are of the view that inclusion of petroleum products under GST is unlikely to reduce their prices as states have powers to levy a tax over and above the peak GST rate

2 min read20 Sep 2018
Market

Recent rise in trade deficit is not due to the oil prices

Of the total trade deficit of $18 billion in July 2018, the deficit on account of oil and petroleum products was smaller than the deficit for other items

1 min read16 Aug 2018
Industry

Petroleum products to be brought under GST in stages: Hasmukh Adhia

Currently, diesel, petrol, crude oil, natural gas and aviation turbine fuel are outside the purview of GST, and states have the right to impose VAT on these items

2 min read6 Jul 2018
Politics

Bihar, Kerala oppose inclusion of petrol, diesel under GST

States are reluctant to bring in petrol, diesel under GST and ceding their source of revenue. They want the tax revenues under GST to settle before further changes to the GST architecture

1 min read29 Jun 2018
Market

Behind the reasons for 20% export growth in May

The growth is mainly on account of a spurt in the export of petroleum products, which are up 104% from a year ago

1 min read19 Jun 2018
Industry

Andhra Pradesh govt against move to include natural gas in GST ambit

Andhra Pradesh will lose substantial revenue if natural gas is included in GST as its consumption is lesser than production, says state minister Yanamala Ramakrishnudu

1 min read9 Jun 2018
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