Thursday, December 2nd, 2021

RBI: People lightened by oil prices, central bank advocates tax cut on petrol and diesel

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Business Desk, Amar Ujala, New Delhi

Published by: Dimple Aladhi
Updated Fri, 08 Oct 2021 02:20 PM IST

Summary

Rising petrol and diesel prices are not only affecting the domestic budget, but it has also raised the concerns of India’s central bank, which has the authority to keep inflation within the prescribed limits.

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There is an outcry over the prices of petrol and diesel in India. The ever-increasing prices have put people at ease. Customers in the country are paying almost three times the base price of petrol and diesel i.e. X factory. Concerned over the rise in fuel prices, today Reserve Bank of India (RBI) Governor Shaktikanta Das indirectly urged the government to cut taxes on petroleum products. Das said that, ‘Efforts to contain cost-push pressures through a calibrated reversal of indirect taxes on fuels could contribute to a more sustained reduction of inflation.’

Tax should be cut on petrol and diesel
Das said that the country is in a better position today as compared to the last MPC meeting. There are strong signs of growth and the trend of inflation is better than expected. On inflation, he said it is lower than RBI’s estimates but core inflation is worrying. Tax on petrol and diesel should be cut to keep inflation under control.

Petrol and diesel prices increased again today
It is to be known that the prices of petrol and diesel have increased for the third day on behalf of the state-owned oil companies. Today, the price of diesel has increased by 34 to 37 paise, while that of petrol has increased by 26 to 30 paise. Petrol in Delhi costs Rs 103.54 while diesel costs Rs 92.12 per litre. The price of petrol in Mumbai is Rs 109.54 and the price of diesel is Rs 99.92 per liter. Petrol in Kolkata costs Rs 104.23 while diesel costs Rs 95.23 a litre. At the same time, petrol in Chennai is Rs 101.01 a liter and diesel is Rs 96.60 a liter. The price of petrol has crossed Rs 100 in Madhya Pradesh, Rajasthan, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Odisha, Jammu and Kashmir and Ladakh. Petrol price is highest in Mumbai.

CPI inflation may remain at 5.3 per cent in FY22
On inflation, Das said that in the financial year 2021-2022, CPI inflation may be 5.3 percent. It was estimated at 5.7 per cent in the last meeting. Inflation may be 5.1 percent in the second quarter, 4.5 in the third quarter and 5.8 percent in the fourth quarter. At the same time, the central bank said that in the first quarter of the financial year 2022-2023, CPI inflation is likely to be 5.2 percent.

Expansion

There is an outcry over the prices of petrol and diesel in India. The ever-increasing prices have put people at ease. Customers in the country are paying almost three times the base price of petrol and diesel i.e. X factory. Concerned over the rise in fuel prices, today Reserve Bank of India (RBI) Governor Shaktikanta Das indirectly urged the government to cut taxes on petroleum products. Das said that, ‘Efforts to contain cost-push pressures through a calibrated reversal of indirect taxes on fuels could contribute to a more sustained reduction of inflation.’

Tax should be cut on petrol and diesel

Das said that the country is in a better position today as compared to the last MPC meeting. There are strong signs of growth and the trend of inflation is better than expected. On inflation, he said it is lower than RBI’s estimates but core inflation is worrying. Tax on petrol and diesel should be cut to keep inflation under control.

Petrol and diesel prices increased again today

It is to be known that the prices of petrol and diesel have increased for the third day on behalf of the state-owned oil companies. Today, the price of diesel has increased by 34 to 37 paise, while that of petrol has increased by 26 to 30 paise. Petrol in Delhi costs Rs 103.54 while diesel costs Rs 92.12 per litre. The price of petrol in Mumbai is Rs 109.54 and the price of diesel is Rs 99.92 per liter. Petrol in Kolkata costs Rs 104.23 while diesel costs Rs 95.23 a litre. At the same time, petrol in Chennai is Rs 101.01 a liter and diesel is Rs 96.60 a liter. The price of petrol has crossed Rs 100 in Madhya Pradesh, Rajasthan, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Odisha, Jammu and Kashmir and Ladakh. Petrol price is highest in Mumbai.

CPI inflation may remain at 5.3 per cent in FY22

On inflation, Das said that in the financial year 2021-2022, CPI inflation may be 5.3 percent. It was estimated at 5.7 per cent in the last meeting. Inflation may be 5.1 percent in the second quarter, 4.5 in the third quarter and 5.8 percent in the fourth quarter. At the same time, the central bank said that in the first quarter of the financial year 2022-2023, CPI inflation is likely to be 5.2 percent.

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