Oil Ministry Not Pointing To Any Ease In Petrol, Diesel Prices Any Time Soon!

There are always subjects on which we can talk endlessly. There are always matters, which pertain to the very fragment of our daily existence on which we all reserve our points of discretion and perspectives. And none more so than matters that stand the power to affect the life of a normal citizen of a country. In those lines, one wonders, what could be a better example than the matter of fuel prices.

For no matter is as complicated and riveting in equal measure as that of the fuel prices. It’s a subject that has the power to affect lives, give birth to an endless of dialogue and quite like the change of temperature in the meter reading of the mercury, it, for the lack of a better expression- impacts.

Of late, there’s been a lot of anguish and understandably so, on the subject of fuel prices. An occasional rise in fuel prices can go a long way to affect the common man’s relationship with something that on lower days can be a boon but, at the same time, be the bane for countless in a country where a rise in costs is a deterrent to happiness.

So now the question is- what did the Oil Ministry have to share on the subject of fuel prices recently?

But first up, some facts.

It isn’t a brand new development but a recent event where the fuel prices, once again, sky rocketed upward with cities like Mumbai and Delhi having to bear the venom of yet another rise.

If one were to refresh the memory, then one would recollect that the fuel prices including that of petrol and diesel in both cities, led to a shocker. While in Delhi, the petrol prices were INR 86 per litre, Mumbai saw the figure jump to the INR 92.6 mark.

Now since then, there’s been a concern regarding what might happen in the imminent future; can the Oil Ministry take a step in the direction toward curbing the understandable anxiety of the countless in the country? There’s been trouble in the said matter simply because it wasn’t for the first time that one experienced a rise in the fuel prices in the recent months.

That being said, here’s what the Oil Ministry asserted on the matter in the run down to the Union Budget, for which only two days remain:

A report published on the Times Now news network highlighted the following:

With just two days to Union Budget, ET Now learns that Oil ministry is not hopeful of an excise duty cut on fuel prices even as petrol and diesel prices are at an all-time high.  Sources also tell ET Now that the ministry is not expecting waiver of cess and royalty announcement anytime soon. This could pin down hopes of the sector and oil exploration co’s who have been expecting relief. 

The government has a tough choice to decide on whether they should be giving the excise tax cut as the retail fuel prices will hurt the economy in other ways. While a higher fuel price may earn more revenue for the government, it can also lead to higher inflation. Similarly, a lower fuel price may keep inflation under check but shall bring a hindrance to the Centre on the revenue front.

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That being said, with there being no indication of a respite as such from what’s such a tricky issue for the countrymen, one can now only hope to receive some positives as laid out in the forthcoming Union Budget.