If trends observed in the first 15 days extend to all of August, then this would be a second monthly decline in diesel sales following an initial rebound when India reopened.
While diesel demand typically falls at this time of the year due to the monsoon, the decline exceeds the 8% month-on-month drop at the same point last year.
Delhi CM Arvind Kejriwal announced the reduction in VAT on diesel from 30 per cent to 16.75 per cent. This will bring down the price from Rs 82 to Rs 73.64.
While oil PSUs have regularly revised ATF & LPG prices, they had since 16 March kept prices on hold, amid extreme volatility in the international oil markets.
The global oil slump has given Modi govt the cushion to hike fuel taxes to meet revenue shortfalls. But retail fuel prices still hover around pre-Covid-19 levels.
Meghnad’s interest went much beyond economics and politics. This is reflected in his writing, particularly after his retirement as a full-time LSE professor in 2003.
In the latest budget, the FDI limit was increased to 100 percent, but most foreign companies are not buying such large stakes in the Indian insurance sector.
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