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Old 24th February 2021, 19:55   #7096
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Default Re: The Official Fuel Prices Thread

Utterly disgusting and shamefull that people have learnt to take this sham and fraud in the name of deregulation of oil . This is one way deregulation of fuel prices is as when the international prices were lowest there was mortarium on prices in the name of corona. Then one or other excuse is given in the name of nationalism. Even our so called poor and pitiable neighbouring countries like Burma, Bhutan , Srilanka and Pakistan are managing better.

The governments are only as good as the people who elect them.
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Old 24th February 2021, 20:26   #7097
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I think the lack of a serious and effective opposition in our country is so apparent at the moment. This has gone to a point that is not at all funny any longer.

They keep blabbering some new thing every time someone asks them about the fuel prices.
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Old 24th February 2021, 23:29   #7098
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India is in good company it seems, only 7 countries have higher petrol prices in Asia.

These are:

Hong Kong - GDP per capita $48.7k USD
Israel - GDP per capita $43.5k USD
Singapore - GDP per capita $65.2k USD
Yemen - GDP per capita $774 USD
Jordan - GDP per capita $4405 USD
Japan - GDP per capita $40.2k USD
South Korea - GDP per capita $31.8k USD

India - GDP per capita $2099 USD

So with the exception of Jordan, we are anywhere between half and ~3% in terms of per capita GDP as compared to our peers in Asia.

That is good company to be in, but only when it comes to GDP per capita. Any plans of the political leadership to take us there?
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Old 25th February 2021, 07:12   #7099
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Default Re: The Official Fuel Prices Thread

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Originally Posted by antz.bin View Post
Any plans of the political leadership to take us there?
Sure. Fixed it for you. The problem can be resolved by removing the decimal point and the letter "k". That's the best you can hope for.

Jordan - GDP per capita $4405 USD
India - GDP per capita $2099 USD
Yemen - GDP per capita $774 USD
Singapore - GDP per capita $652 USD
Hong Kong - GDP per capita $487 USD
Israel - GDP per capita $435 USD
Japan - GDP per capita $402 USD
South Korea - GDP per capita $318 USD
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Old 25th February 2021, 08:00   #7100
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Quote:
Originally Posted by Garth View Post
I think the lack of a serious and effective opposition in our country is so apparent at the moment. This has gone to a point that is not at all funny any longer.

They keep blabbering some new thing every time someone asks them about the fuel prices.
Actually it's worse. The media doesn't give coverage for the opposition at all. The media has been suppressed like never before.

I'm expecting fuel prices to be stable for a few days before the upcoming state elections. But will they reduce prices? Not sure.
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Old 25th February 2021, 09:20   #7101
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Quote:
Originally Posted by Garth View Post
They keep blabbering some new thing every time someone asks them about the fuel prices.
Is this too related to fuel prices? - Railways Says Rise In Ticket Prices For Short-Distance Trains Is To Discourage Unnecessary Travel

Quote:
For example, a ticket from Amritsar to Pathankot costs Rs 55 now. Earlier, it was priced at Rs 25. Similarly, a ticket of a passenger DMU between the Jalandhar City railway station and Ferozpur costs Rs 60 now, while it used to cost Rs 30 earlier.
Quote:
"Covid is still around and in fact, worsening in some states. Visitors from many states are being subjected to screening in other areas and discouraged to travel. Little higher price is to be seen as a pro-active measure of Railways to prevent crowding in trains and stop Covid from spreading,"
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Old 25th February 2021, 12:38   #7102
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Quote:
Originally Posted by Garth View Post
I think the lack of a serious and effective opposition in our country is so apparent at the moment.
I heard a wise man once say “Democracy without opposition is dictatorship”. I guess the current tax situation reflects just that.

On a side note, I could already see the effects of ever increasing fuel prices. Vegetable vendors in my area have started increasing prices citing increased transportation costs. I guess the middle class tax paying junta who get no welfare schemes/freebies have to bear the burden. Sad state of affairs this!
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Old 25th February 2021, 15:08   #7103
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Default Re: The Official Fuel Prices Thread

i am actually OK with higher fuel prices since it taxes everyone (all who earn hefty but never pay tax).
Alternate scenario - your personal IT rates would need to be doubled.
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Old 25th February 2021, 17:05   #7104
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Originally Posted by LonelyPlanet View Post
i am actually OK with higher fuel prices since it taxes everyone (all who earn hefty but never pay tax).
Alternate scenario - your personal IT rates would need to be doubled.
I have this thought in mind since long that we should either have very low Direct taxes or No Direct taxes (mainly the Income Tax) at all. We can have these indirect ones on everything as much as the government wants.

This ensures those who are consuming more paying their part as per their need/demand.
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Old 25th February 2021, 18:21   #7105
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Default Re: The Official Fuel Prices Thread

I hear the repayment of Oil Bonds from the UPA era is also a contributor. Fortunately they have now been fully paid. Remember we are on a monetary model (a la Germany). Here spend and then hope to recoup later is verboten.
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Old 25th February 2021, 18:31   #7106
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Originally Posted by sgiitk View Post
I hear the repayment of Oil Bonds from the UPA era is also a contributor. Fortunately they have now been fully paid.
^This propaganda theory was already busted in 2018:-
Fact check: Have UPA-era oil bonds prevented Modi government from reducing oil prices?

Last edited by GTO : 26th February 2021 at 18:41. Reason: Fixing url :)
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Old 16th March 2021, 08:52   #7107
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Default Re: The Official Fuel Prices Thread

No, not at all...

No Proposal To Bring Petrol, Diesel, Jet Fuel, Gas Under GST: Nirmala Sitharaman

Why change when you get such taxes in the current system...

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Price calculated as on March 03, 2021

Last edited by tbppjpr : 16th March 2021 at 09:08.
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Old 16th March 2021, 11:41   #7108
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Default Re: The Official Fuel Prices Thread

Since few days, government has in a way regulated prices by not letting them rise further. This way, they have pacified the junta by projecting that prices are not increasing. But with this, 90s has become the new 70s. Petrol prices at current rate are here to stay for longer duration and will be norm.

Website to check petrol prices across states and their major cities.
https://www.mypetrolprice.com/petrol...-in-india.aspx

In reply to question asked in Parliament, Centre admits to increased earning from taxes on fuel to help decrease deficit.
https://www.indiatoday.in/business/s...614-2021-03-15

Last edited by varunswnt : 16th March 2021 at 11:52.
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Old 16th March 2021, 13:36   #7109
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Originally Posted by varunswnt View Post
Petrol prices at current rate are here to stay for longer duration and will be norm.
All thanks to election in 5 states, there is no increase in fuel price. This trend will change in April once elections are over and oil companies will start to increase the prices.
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Old 16th March 2021, 13:57   #7110
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Originally Posted by LonelyPlanet View Post
i am actually OK with higher fuel prices since it taxes everyone (all who earn hefty but never pay tax).
Alternate scenario - your personal IT rates would need to be doubled.
Instead of collecting taxes through fuel which is used by all and is essential to the whole economy, I would prefer increase in direct taxes on income. The reason being, when you tax based on income, you take-in the tax payers capacity while indirect tax like GST or Excise doesn't care about your capacity to pay.

For example, if someone earns 100 Crores, even if you spend on all things materialistic you likely will spend 10% of your income yearly. But for someone who earns 1 Lakh would probably spend close to 100% of his income. Do you see the disparity here? Only 10% of the high earners income is taxed while almost all of the low earners income is taxed.

I took an example with huge disparity in income to make the point, but I hope you get the point.

Even capitalistic countries like US get more percentage of its revenue from direct tax (like income tax) while India receives much higher percentage of its revenue via Indirect taxes.
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