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Old 25th June 2020, 19:18   #136
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Default Re: Fuel prices increase 16 days in a row. What the hell is happening?

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Originally Posted by Fernang View Post
'What the hell is going on?' Looks like they want to milk the cow as long as it allows.
I like the cow metaphor.

Many cows have stopped lactating long back. But they have found ways to extract whatever fat is remaining and emulsify that to compensate for deficit. By fat, I mean everything that's up for sale since last year, be it coal or gas or railways, airways, waterways, telecom, even space isn't spared.

Despite ultra low crude prices, record high taxes, selling of assets and yet the coffers are empty. Still, they have money for building statues, for buying airplane for one man, and of course for showerr biz.

When prodigals inherit wealth what happens, Gulabo-Sitabo.
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Old 25th June 2020, 20:42   #137
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Default Re: Fuel prices increase 16 days in a row. What the hell is happening?

Just to add, my dad's pension has now been reduced by almost 50% as Dearance allowance won't be paid until further notice.
Maharashtra State Road Transport (MSRTC) has cut salaries by half. I am sure many other government employees may be facing salary cuts now or in the near future.
Fuel price hike has already started reflecting in grocery cost. Looks like tough times ahead.
I feel all the years of non-compliance by all governments so far and tax evading citizens alike has finally come to bite everyone in their rear. Worst part is the honest/innocent too will suffer for no good reason.
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Old 25th June 2020, 21:30   #138
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Default Re: Fuel prices increase 16 days in a row. What the hell is happening?

Didn't go through the entire thread, did a brief skimming. Few are saying that government is increasing the taxes to meet its expenses, am all in for that thought as long as the government properly utilizes those funds, but that rarely happens, most of the money collected from the whole nation ends up in the hands of very few contractors and politicians(indirectly). Also one can never really get to see how government is utilizing those funds, even if we get to see those accounts, most of the times what we see is just the brainchild of creative accounting.

Last edited by wheelguy : 25th June 2020 at 21:31.
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Old 26th June 2020, 00:40   #139
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Default Re: Fuel prices increase 16 days in a row. What the hell is happening?

The time is not far when people would take a car loan for buying the car and a personal loan to fill it up. Credit Card companies can actually make a killing here. To put it quite literally, my IPO allotment of SBI Cards shares has killed my money since its listing.
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Old 26th June 2020, 01:39   #140
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Default Re: Fuel prices increase 16 days in a row. What the hell is happening?

This hike in fuel prices is UNJUSTIFIED and a cruel joke on the common citizen who constitute the majority of self employed and hard working labor class.


Already the COVID scenario has shaken economy and further increasing fuel prices without blinking an eye is something that cannot be overlooked.

I personally have never been able to demystify this black hole of fuel price rates as even a few weeks ago there was news of negative crude oil rates and now we have rates shooting up to record levels.
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Old 26th June 2020, 02:33   #141
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Default Re: Fuel prices increase 16 days in a row. What the hell is happening?

Churchill said- "Never let a good crisis go to waste." Personal incomes are low/stagnant and direct taxes will lead to resentment, so GoI is cashing in on the low crude prices to fill up their coffers.
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Originally Posted by Thermodynamics View Post
When this very topic was raised to finance minister
This attitude reflects ignorance due to privilege. Imagine the pushback to such a proposal if ministers didn't have any monthly fuel allowances.

Irrespective of owning a vehicle or not, everybody will feel the pinch as prices of all commodities will rise.
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Originally Posted by Sree View Post
Unless the poor and middle class of this country are educated about the need for income taxes and more people willingly start paying direct taxes..
Slight correction- they need to be educated to integrate them into the workforce of the formal economy. Once they earn a decent living, they will be paying their fair share of taxes.
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Old 26th June 2020, 08:38   #142
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Default Re: Fuel prices increase 16 days in a row. What the hell is happening?

This rampant increase in fuel prices is greatly going to hurt the already bleeding auto industry as well. Many people who might have been planning to purchase a petrol or diesel car may delay the idea or decides to look towards used car market to save money.

Many people who own cars are now purchasing 2 wheelers that too Electric 2 Wheelers for short daily commutes. Thanks to the availability of good electric 2 wheelers at competitive prices to that of petrol 2 Wheelers, it is also bringing down the consumption of fuel.

I wonder how long the oil companies keep on increasing the prices. The hike in Diesel will mostly hurt farmers and transporters a lot. This will also push up prices of essential commodities to new heights.
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Old 26th June 2020, 10:17   #143
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Default Re: Fuel prices increase 16 days in a row. What the hell is happening?

Doesn't the government have a rainy day fund to deal with unpredictable expenses? What is the need for putting pressure on the common man?
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Old 26th June 2020, 10:34   #144
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Default Re: Fuel prices increase 16 days in a row. What the hell is happening?

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Originally Posted by ashishy View Post
Doesn't the government have a rainy day fund to deal with unpredictable expenses? What is the need for putting pressure on the common man?
They have used it.

link : https://www.indiatoday.in/business/s...856-2020-06-26

and

https://economictimes.indiatimes.com...w/70860367.cms

Fuel prices increase 16 days in a row. What the hell is happening?-screenshot_20200626-rbi-transfer-rs-1-76-lakh-crore-surplus-reserve-government.png Fuel prices increase 16 days in a row. What the hell is happening?-governments-decision-taking-rs-1-76-lakh-crore-rbi-reserves-catastrophic-congress.png

Last edited by jeepster : 26th June 2020 at 10:37.
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Old 26th June 2020, 10:39   #145
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Default Re: Fuel prices increase 16 days in a row. What the hell is happening?

I'm surrounded by family and friends who will go to extreme lengths to support any decision the Government makes how much ever it hurts them.

This support with no conditions or strings attached is the greatest strength of this government. What more can any Government ask for?

Meanwhile, fuel prices have increased for the 20th consecutive day. Diesel costs Rs. 80.19 in Delhi. And the Government isn't batting an eyelid because it knows that people will rise to its defence yet again.

And finally, we come to the media - most key TV "personalities" gave up years ago. Except for a few, all we have left is a bunch of "crowd pleasers". The less said about them, the better.
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Old 26th June 2020, 11:09   #146
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Default Re: Fuel prices increase 16 days in a row. What the hell is happening?

Yes, a vast majority of the general public has not been complaining enough about the price hikes this time, maybe because not everyone has resumed normal vehicle operation since the lock-down is being lifted slowly. There might hence be quite a few among us who might not be as "bothered" since their weekly running is only a fraction of their normal set routine.

This, combined with a general vibe being shared on social media that being under lock-down, this is the only way for the Governments to earn revenue, and a lot of the people have been relatively silent about this plight.

I am also reminded about the "slowly heating up a frog on a frying pan and the frog never realized how hot it's getting, and it would never bother to jump out" analogy.

The prices have been hiked only by a few paise every day. But, fortunately most of the news/ media are now talking about the cumulative rise over the last 20 days and so on, so I see we have now started to take note of what is happening here, and to what extent.

The frog could have just jumped out of the pan, but where could we guys possibly jump out to?
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Old 26th June 2020, 11:18   #147
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Default Re: Fuel prices increase 16 days in a row. What the hell is happening?

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Originally Posted by JojyKerala View Post

This support with no conditions or strings attached is the greatest strength of this government. What more can any Government ask for?

And finally, we come to the media - most key TV "personalities" gave up years ago. Except for a few, all we have left is a bunch of "crowd pleasers". The less said about them, the better.

I never thought even fuel price thread will be so polarized. Yes fuel prices are affecting my budget and I am forced to evaluate other options including to shift to smaller town. The fuel prices increases is the result of government is relutance to borrow as it effects it's fiscal deficit. The government is more worried about its fiscal balance sheet than people's welfare in a country where we don't have social security

Last edited by FrozeninTime : 26th June 2020 at 11:19.
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Old 26th June 2020, 11:31   #148
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Default Re: Fuel prices increase 16 days in a row. What the hell is happening?

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Originally Posted by ashishy View Post
Doesn't the government have a rainy day fund to deal with unpredictable expenses? What is the need for putting pressure on the common man?
They do and they're not using it.

https://www.capitalmind.in/2020/04/h...ovid-slowdown/

This is what happens when the govt only has yes men, including at the RBI, instead of honest, intelligent people who actually know what they're doing.

Raising taxes on fuel, liquor and other things which the regular (voting) population doesn't see directly is about all the imagination that the current lot seems to have.

I feel like with all the rhetoric going on, they've driven themselves into a corner they do not know how to get out of. And their ego stops them from taking suggestions from actual experts.
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Old 26th June 2020, 11:44   #149
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Default Re: Fuel prices increase 16 days in a row. What the hell is happening?

For the Govt, this is the best time to raise fuel prices as the public transport is not functioning (especially in Delhi). So everyone who needs to go out to work or for any other purpose has no option but to purchase fuel.

BTW, Maruti would be too happy now with their diesel vs petrol price calculator
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Old 26th June 2020, 11:49   #150
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Default Re: Fuel prices increase 16 days in a row. What the hell is happening?

Petrol, diesel price hiked again today
Quote:
Petrol price has crossed the ₹80 mark in Delhi.
Diesel price created fresh record high today in Delhi

For the 20th consecutive day today, diesel price was hiked by 17 paise a litre. Petrol price too has gone up by 21 paise a litre. In the current phase of rate hike, petrol has gone up by ₹8.87 a litre while that of diesel has gone by a higher margin of ₹10.80 a litre.
In Delhi, where the diesel costs more than petrol, both the fuels are now priced above ₹80. While petrol is selling at 19-month high level, diesel is at all-time high level.
Latest petrol, diesel prices in top cities:
New Delhi: Petrol ₹80.13. Diesel ₹80.19
Gurgaon: Petrol ₹78.35. Diesel ₹72.47
Mumbai: Petrol ₹86.91. Diesel ₹78.51
Chennai: Petrol ₹83.37. Diesel ₹77.44
Hyderabad: Petrol ₹83.18. Diesel ₹78.36
Bengaluru: Petrol ₹82.74. Diesel ₹76.25


Source: https://www.livemint.com/news/india/...140386234.html

Last edited by AZT : 26th June 2020 at 11:50.
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