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Synopsis
It was a boon for the government and oil companies when crude prices averaged around USD 20 in FY21. Not only have taxes been increased on fuel, but prices have also been increased for 76 days. In addition, India was buying crude at the time at an average of USD 19 to fill its strategic reserves. Time to pass on some benefits to the common man?
Dalbir Singh (name changed) has been waiting a while to bring home a quad bike to replace his rickety old motorcycle. The North Delhi resident has decided which model he wants to buy, he has a pre-approved loan from his bank and assurance from the car dealer of prompt delivery once the reservation is made. But Singh still hasn’t taken the final step. “I waited for fuel prices to come down a bit. At present
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A petrol pump attendant seen filling in the details of an Indian petrol pump machine.