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Old 18th February 2021, 14:21   #151
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Default Re: Petrol price crosses Rs. 90 / litre in Mumbai, diesel at Rs. 80

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Originally Posted by ottocycle View Post
E-bike looks a great option. What about the safety and pollution aspect when compared to riding inside car.
A cycle is a cycle. Unless someone develops one with a crumple zone and airbags. There are ways you can protect yourself. wearing a helmet, elbow/knee guards. But that's all that there is to how far you can go on safety. As for pollution, you could wear a mask.

BTW I like this quote from the Cycling Monk
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Old 18th February 2021, 21:37   #152
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Default Re: Petrol price crosses Rs. 90 / litre in Mumbai, diesel at Rs. 80

Should we be celebrating our latest century?
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Old 18th February 2021, 21:51   #153
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Default Re: Petrol price crosses Rs. 90 / litre in Mumbai, diesel at Rs. 80

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Should we be celebrating our latest century?
Never in the history of this country has crude been at 64 dollars per barrel and petrol at almost 100.

We should really be thinking hard that what have we got ourselves into.
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Old 19th February 2021, 02:46   #154
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Default Re: Petrol price crosses Rs. 90 / litre in Mumbai, diesel at Rs. 80

I made a quick chart of what we actually pay compared to the rest of the world - our PPP fuel prices.

We pay fifteen times as much for fuel as the US does, and 4.5x more than the UK does. We also pay 3x what China does.
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Old 19th February 2021, 10:23   #155
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Default Re: Petrol price crosses Rs. 90 / litre in Mumbai, diesel at Rs. 80

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Never in the history of this country has crude been at 64 dollars per barrel and petrol at almost 100.
We should really be thinking hard that what have we got ourselves into.
Doesn't make any difference to the current regime. By end of the tenure, the current govt will bring in something to make people vote for them again. Crib and pay, that's what we can do now.
Thankfully i have been working from home since a year which has drastically cut down my fuel bills.
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Old 1st March 2021, 21:57   #156
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Default Re: Petrol price crosses Rs. 90 / litre in Mumbai, diesel at Rs. 80

Reuters Exclusive: India's finance ministry considers cutting taxes on petrol, diesel - sources
Reuters

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“We are discussing ways in which prices can be kept stable. We will be able to take a view of the issue by mid-March,” said one of the sources.

Quote:

India’s Finance Minister Nirmala Sitharaman recently said: “I can’t say when we will reduce taxes on fuel, but (the) centre and states have to talk to reduce fuel taxes”.

Another one of the sources said a decision on fuel taxes may only be made following a meeting of OPEC and major oil producers, also known as OPEC+, later this week.

“There is an expectation that OPEC+ would agree to ease oil output curbs, we hope oil prices will stabilise after their decision,” this source said.

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Old 2nd March 2021, 08:34   #157
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Default Re: Petrol price crosses Rs. 90 / litre in Mumbai, diesel at Rs. 80

Govt considering cutting taxes on petrol, diesel

SOURCE

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New Delhi: India's finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record high domestic prices, three government officials close to the discussions said.
A doubling in the price of crude oil over the past 10 months has contributed to record fuel prices at gas stations in India. But taxes and duties account for roughly 60% of the retail price of petrol and diesel in the country, the world's third biggest consumer of crude oil. As the coronavirus pandemic hit economic activity, Prime Minister Narendra Modi's government twice raised taxes on petrol and diesel in the last 12 months to boost sagging tax revenues instead of passing on the benefits of low oil prices last year to consumers.

India's Finance Ministry has now started consultations with some states, oil companies and the oil ministry to find the most effective way to lower the tax burden on consumers without federal finances taking a big hit, the sources said. "We are discussing ways in which prices can be kept stable. We will be able to take a view of the issue by mid-March," said one of the sources.
The sources, who asked not to be named as the deliberations are private, said the government wants oil prices to stabilise before cutting taxes, as it does not want to be forced to change the tax structure again, should crude prices rise further. India's Finance Minister Nirmala Sitharaman recently said: "I can't say when we will reduce taxes on fuel, but (the) centre and states have to talk to reduce fuel taxes". India's Finance Ministry and oil ministry did not respond to an email requesting comment.
The high fuel prices have prompted some Indian states to cut state-level taxes on petrol and diesel to rein in prices. Another one of the sources said a decision on fuel taxes may only be made following a meeting of OPEC and major oil producers, also known as OPEC+, later this week.
"There is an expectation that OPEC+ would agree to ease oil output curbs, we hope oil prices will stabilise after their decision," this source said. India has called on OPEC+ to ease production cuts as higher crude prices are hitting fuel demand in Asia's third largest economy and are contributing to inflation. The high fuel prices could also affect Modi's popularity ahead of state assembly polls in four states in March and April.
Modi and India's ruling Bharatiya Janata Party are already facing their biggest political challenge in years with tens of thousands of farmers protesting against three farm laws passed by his government in 2020. The federal government and states together raised some 5.56 trillion rupees ($75.22 billion) in revenues from the petroleum sector in the fiscal year ended March 31, 2020, based on government data. In the nine months of this fiscal year (April-December 2020), contributions from the sector were about 4.21 trillion rupees, despite a significant decline in local fuel demand, the data showed.
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Old 2nd March 2021, 09:33   #158
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Default Re: Petrol price crosses Rs. 90 / litre in Mumbai, diesel at Rs. 80

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Originally Posted by arvindmanju View Post
Reuters Exclusive: India's finance ministry considers cutting taxes on petrol, diesel - sources
This is expected as the election dates for 4 poll bound states are announced.
I think we can enjoy till the results of those states come out.
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Old 2nd March 2021, 10:27   #159
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Default Re: Petrol price crosses Rs. 90 / litre in Mumbai, diesel at Rs. 80

Now that there are no subsidies on fuel, is it still illegal to keep stock of petrol and diesel? Or will it still be called hoarding and punishable? Desperate times call for desperate measures, right?
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Old 2nd March 2021, 10:36   #160
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Default Re: Petrol price crosses Rs. 90 / litre in Mumbai, diesel at Rs. 80

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Originally Posted by DriveOnceMore View Post
This is expected as the election dates for 4 poll bound states are announced.
I think we can enjoy till the results of those states come out.
Correction: We can enjoy until the voting is over. Period. Humanity is an important criteria before elections and will be seriously considered. After the voting is over, it's all about 'nation building' lol.

History will repeat itself. For reference:https://m.timesofindia.com/business/...w/64154742.cms
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Old 2nd March 2021, 22:40   #161
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Default Re: Petrol price crosses Rs. 90 / litre in Mumbai, diesel at Rs. 80

I wouldn't mind spending so much on fuel if I was getting my money's worth.

The terrible fuel that I'm paying through my nose for, has ruined my safari's injectors and they're knocking again.

and the roads that are supposed to be maintained with the huge tax I pay for every litre of fuel, has made my suspension weak and squeaky again.
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Old 3rd March 2021, 22:32   #162
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Default Re: Petrol price crosses Rs. 90 / litre in Mumbai, diesel at Rs. 80

Government can cut petrol, diesel excise duty by Rs 8.5 per litre.

Quote:
The government has room to cut excise duty on petrol and diesel by up to ₹8.5 per litre without impacting its target for revenue from the tax on the two fuels, analysts said.
Quote:
We estimate excise duty on auto fuels in FY22 (April 2021 to March 2022), if it is not cut, at ₹4.35 lakh crore versus budget estimate of ₹3.2 lakh crore.
Quote:
Thus, even if excise duty is cut by ₹8.5 per litre on or before April 1, 2021, FY22E budget estimate can be met," ICICI Securities said in a note.
Quote:
Excise duty was raised by ₹13 and ₹16 per litre on petrol and diesel between March 2020 and May 2020, and now stands at ₹31.8 on diesel and ₹32.9 per litre on petrol.
Source
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