Discover and read the best of Twitter Threads about #petrolprice

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Those bemoaning the rise in #PetrolPrice in India shd know that @nsitharaman can do nothing about it. You see, India's public finances are in a dire state. We now have the accounts to Dec 2020 - i.e. 9 months of FY 2020-21. Let's focus on the receipts. See this pic. Image
Start with the last line:Total receipts. Pro-rata to the Budget estimates for 2020-21 of 22.46 Lakh crores (LC) at 9-month mark, the receipts are short by 5.6 lakh crores. That is a 34% shortfall. looking at the detail of Line 4. Non-debt capital receipts we get this information Image
Effectively, there has been ZERO disinvestments of the Gvt's stake in Public sector banks and financial institutions, a 77% shortfall in the disposal of Govt's equity holdings.
Read 6 tweets
The current round #petrolPrice hike by Delhi govt has narrowed gap between #Petrol & #Diesel fuel in the city to a historic low of just Rs 1.87 per litre. In May 2012, this gap was a monstrous Rs 32 plus. This will have a significant impact on sale of diesel cars.
In 2012, sale of diesel cars had overtaken petrol for the 1st time with a share of over 53%. It came down to just 33% in 2019 & will surely fall further this year. Many companies including market leader @Maruti_Corp & @RenaultIndia @Nissan_India have exited this segment entirely
Not to forget, petro products continue to be highly taxed & remain a source of big revenue for both state & central govt. In Delhi, taxes now account for 55.3% of retail price for #Petrol & 50.4% for #diesel. Excise duty for centre remains higher than VAT for the state.
Read 3 tweets

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