High petrol and diesel prices are once again in the news. And the reason for this is the high taxes on these fuels, rather than the international crude oil prices. Even as the public anger is palpable on the social media and other forums, there is no indication from the government of its willingness to reduce these taxes.
The Times of India has written a hard-hitting editorial on Friday (15 September) on why the government should lower the oil taxes. “International crude oil prices may have halved since the Narendra Modi government assumed office, but it has made practically no difference to the consumer. This anomalous situation encapsulates a misguided taxation policy that has treated the oil sector as government’s cash cow,” it has said.