Rise In Consumption Of Petrol, Diesel In FY2022 Can Absorb Cut In Cesses, Without Revenue Loss To GoI: ICRA
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ICRA Research Report
The strengthening of demand and favourable prospects of a global economic rebound brought on by the vaccine rollout optimism, have resulted in a nearly uninterrupted increase in the international crude oil prices since January 2021.
Reflecting the weaker Indian rupee, higher cesses imposed by the Government of India since March 2020 and increase in value added tax rates by more than three-fourths of the state governments, the average retail selling prices of motor spirit and high-speed diesel in the four metro cities have increased to record-high levels of Rs 99.54/litre and Rs 92.03/litre, respectively, as on June 25, 2021.
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