Fall in Oil Prices

Pune, India
April 13, 2016 11:21pm CST
The government of India has increased the Central Excise on oil and as such is not passing on the benefit of the fall in oil prices to its citizens. However, if the rte of dollar increases or the oil price increases, instead of reducing the central excise, the government is increasing the oil price.
Lower remittances from Gulf nations, which have been hit hard by the slump in oil prices, will cut the benefits of cheaper oil imports for several Asia Pacific countries including India, Moody&#821…
2 people like this
2 responses
Shiva
@Shiva49 (28389)
• Singapore
14 Apr 16
We should reduce our dependence on oil as we import 80% of our needs, one of the highest in the world. Renewable energy should be subsidized so that we can break free from the shackles of few oil exporters - siva
2 people like this
Mohammed Karjatwala
@karjatwala (1120)
• Pune, India
14 Apr 16
Yes, go for other sources of renewable energy like solar and wind power. But the Government will have to subsidise by way of waiving off taxes so that it is economical to use it.
1 person likes this
Shiva
@Shiva49 (28389)
• Singapore
14 Apr 16
@karjatwala Taxing oil and related produces provide big revenue for countries and that is the easiest way and that is why neither Bog Oil companies or governments themselves are not keen on renewable energy. In most countries the fall in oil prices are hardly reflected in the pump prices because of this reason - siva
Mohammed Karjatwala
@karjatwala (1120)
• Pune, India
14 Apr 16
@Shiva49 In India the Government has reduced the deficit by keeping the oil prices more or less the same and increasing the taxes on the same.
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scheng1
@scheng1 (24649)
• Singapore
15 Apr 16
I wonder why the government has to do that. The oil price has more or less stabilize and they can just pass on the savings. Even if they want to reduce pollution by getting people to drive less, they can pass the savings down through other ways.
Mohammed Karjatwala
@karjatwala (1120)
• Pune, India
15 Apr 16
The Government has reduced their deficit by increasing the tax on oil.
1 person likes this