Crude crash to ease some Covid-19 pain for India
NEW DELHI: Black Gold has fallen from grace. And How! US crude WTI sank into negative territory for the first time in history at -$37/barrel and Brent, the benchmark for two-thirds of the global oil trade, settled at 18-year low of $21.48 on Tuesday, sending traders and the global oil industry scurrying for cover.
But India, the world’s third-largest oil importer, has much to gain – with pain for producers such as ONGC. The price crash has come at a time when the country is in lockdown mode and economic activities remain seriously curtailed, with the possibility they will remain so for longer than anticipated.
The producers, however, will see return on their big-ticket investments turn negative without tax relief from the go nment.
Thats good news for India...infact the gt should hike the excise duty on petro products to earn revenue lost fighting the chi-se vir s..
99% indians don't pay taxes and Go nment has to spend 2-5 lakh crore to fund Covid-19 packages. From where the money will come? US, Australia plans to hike taxes next year to fund the package but in India it's not possible...
政府要花2 - 5万亿卢比来抗击疫情，但99%的印度人都不交税，钱从哪里来?美国、澳大利亚计划明年提高税收来筹集抗疫资金，但在印度，这是不可能的。
Increase excise duty please. So more money will come for fighting ag inst covid 19.
Why don't you sell your house and help go nment
Dr Vidyadhar Yellutla
Demand and Supply equation, during lock down no flights, no trains and no bus services, oil consumption is less, and the price will naturally fall, but center and states are the losers, as their taxes and cess accrue big when the price is high.
darede l nerd
Good Indian forex reserve will increase.
Shailendra Mumbai Pune
Nothing can be expected from Modi gt. I'm very much sure that prices will never come down. How will Ambani earn then? It is clear that middlemen are earning windfall profits in petrol/diesel.
Gts are incurring huge cost with all economic activity halted.
there may be relief for gt but never ever any relief for middle class tax payers who will still continue to pay 78-80rs petrol per litre..
One thing is clear that fuel price is the chest in international markets so, the go nment should give benefits to consumers proportionately.
Modi Go nment has never hesitated in increasing excise duty and even recently amended the law empowering it collect as much as Rs 18/ excise per liter .
BUT PETRO LOOT CONTINUES NO RESPITE FOR MID CLASS...
Modi ji never pass benefit of ch fuel to consumers. He is gonna increase all kind of possible taxes to make sure consumers never get ch fuel
Only if the go nment shares the cut with people of the country
Even though the global oil prices have crashed... Where do we see reduction of petrol or diesel prices drastically? This benefit is not being passed on to the common man. Gt should look into it.
Internationally, when the crude price goes up, the gt revises the petrol prices upwards quoting the same. Then, when the crude price is crashing why the benefits are not passed onto us??
That's because, we are the soft targets and have literally no say in the matter.
Modiji is trying to help to make a rupee stronger which will help the country in future.
but still petrol and diesel prices are same... gt does not pass benefit of lower prices
Selfish man... This money will be utilised for financing the losses from covid-19.
Why not shore up our storage capacities on war footing and buy crude when the prices are low.. or strike a deal with Major oil producer with a low fixed price for the next 20 ~30 years.. something similar what has done..
Now for next 50 years we have corona as the excuse.
Crude Crash may not be able to save Modi...Who is on his way out in 2024...
Don't worry folks: customs and excise duty will be very soon hiked by our dear Modi gt., to ensure the benefits never reach the end consumers.