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.
On the occasion of International Mother Language Day, Union Home Minister Amit Shah congratulated
America is teasing, Russia also flares up on Nancy Pelosi's visit to Taiwan, China's support
Russia's reaction has also come to the fore amid tensions between the US and China over Taiwan. R
IPL 2022 Latest Points Table: In the Indian Premier League (IPL) 2022, the match between Mumbai I
In Pakistan, 8 social media workers of Imran's party PTI have been arrested for campaigning on so
SC to hear hijab case, court sent notice to Karnataka government; HC's decision has been challenged
A petition challenging the Karnataka High Court's decision upholding the ban on hijab in educatio
The IPL 2024 match between Royal Challengers Bangalore (RCB) and Kolkata Knight Riders (KKR) will
JEE Main 2023 Session 2: JEE Mains April session is to be held in April next month. This exam is
Delhi Environment Minister Gopal Rai has announced that primary schools will be opened from Novem
In the 2020 IPL, Rahul Tewatia's bat, who came into the limelight by hitting five consecutive six
Shahid Kapoor's 'Jersey' was set to release late last year, and was about to clash with Ranveer S