The common man is very upset due to the rising prices of petrol-diesel. In such a situation, if you come to know that soon there may be less petrol and diesel, then you will be happy knowing this. In fact, according to Goldman Sachs Group Inc., if global oil prices rise further, India may need to cut fuel tax further to reduce inflationary pressures, a move that will slightly reduce the revenue collection of the country.
Shantanu Sengupta, the senior Indian economist at Goldman Sachs, said in an interview with Bloomberg television that if there is a high crude oil price, it is directly reflected in the price of petrol and diesel at the petrol pump. If oil reaches $105 a barrel by the end of the year, then the Indian government will cut excise duty. Brent crude is hovering around $90 a barrel amid tensions between Russia and Ukraine. A group of Wall Street banks, including Goldman, have predicted oil will hit $100 a barrel this year, with global markets firming up.
India reduced tax on retail fuel in November to give relief to consumers from record prices of petrol and diesel. Sengupta said further tax reduction may lead to a slight reduction in excise duty revenue in the next fiscal, which begins on April 1, but overall a strong recovery in government revenue is expected. On the inflation front, oil prices would be hurt, he added. He said he expects the Reserve Bank of India to hike policy rates by a total of 75 basis points thrice this calendar year.
Money will have to be paid to run Twitter, Elon Musk announced, know who will be charged?
Twitter Paid Subscription: Elon Musk announced on Tuesday that there will be a charge to run Twit
Bollywood actor Ranveer Singh has many films in his kitty which are eagerly awaited. There is als
Bad news has come out of Sri Lanka's camp ahead of the second test match against Australia. Three
Imran Khan's government fell in Pakistan on the intervening night of 9 and 10 April. All the dram
Captain Rohit Sharma's fierce form was seen in the second ODI played on Wednesday with Weeding. R
Telangana BJP president Bandi Sanjay Kumar has been arrested by the police. Bandi Sanjay was take
The team of Royal Challengers Bangalore (RCB) is also struggling to reach the playoffs this seaso
What information has the government given on PM Cares Fund and why questions are being raised
The matter is in March of the year 2020 when due to the wave of coronavirus, restrictions started
E-scooter and charging station company Ather Energy will increase production capacity to 35 thous
Edgbaston Birmingham Pitch Report: The second match of the three-match T20 series between India a
