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.
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