Discover and read the best of Twitter Threads about #fuelpricehike

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Deregulation of OMCs is only on paper: Govt backtracks, asks OMCs to absorb Rs. 1 / liter cut in fuel cost
This move will cost OMCs Rs. 7000 crores in their books.Their profits would stands reduced to 32,600 cr (from 39,600cr FY’18) or 17.7% fall in the profits.

This move will cost OMCs Rs. 7000 crores in their books. Their profits would stands reduced to 32,600 crores (from 39,600 crores, FY’18) or 17.7% fall in the profits.

Govt will have lower collection of revenue by 10,500 crores as they cut the duty by 1.50 / liter
Asking OMCs to pay for costs of higher fuel prices is nothing short of bringing back of regulations of managing OMCs.

OMCs are public listed cos and they have other shareholders as well.
Read 7 tweets
#FuelPriceHike A chart that explains how petrol and diesel cost is calculated.
1. Central Excise is constant. Money Centre gets does not increase or decrease with cost of fuel.
2. State VAT & surcharge is % of cost. Higher the cost, higher the earnings of States.
Pls share.
State VAT & surcharges per litre of petrol and diesel is in % and varies from State to State. Congress-JDS raised it to 32% after forming Govt in Karnataka. Maharashtra has highest VAT on petrol. AP on diesel. Bulk of WB revenue comes from VAT on fuel.
States have limited means of raising resources. VAT on fuel and tax on booze are rich revenue earning sources. States that have prohibition have to depend on VAT on fuel. One of the reasons why prohibition is ill-conceived. Strangely prohibitionists protest loudest on fuel price.
Read 13 tweets

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