Oil price fluctuations are a source of considerable volatility in the exchange rate of the rupee. This is an unsustainable draft on foreign exchange resources.6 per barrel, than during the previous four fiscal years at $102.6 per barrel. Punitive tax rates on PP are desirable to slash consumption. The difference is that Delhi and Goa levy lower value-added-tax on petroleum products (PP) than poorer jurisdictions, even though they are havens for high-income residents. Consider that even at Rs 85 per litre, the petrol cost is just one-third of the total cost of using a low-end, high fuel-efficiency car over a life cycle of 100,000 km. The average exchange value of the rupee against the US dollar was 24 per cent lower at Rs 64. But charity, they say, begins at home.In March 2018 the International Energy Agency said that "oil production growth from the United States, Brazil, Canada and Norway could keep the world well supplied, more than meeting global oil demand growth through 2020".A mix of incentives and disincentives can wean people off their yen for motorcycles and cars. This was sensible. These magnets of opportunity attract migrants well beyond sustainable levels, who feed their sprawl. Levying user charges for overnight parking can reduce encroachment on colony roads in residential areas.8 trillion revenue from indirect taxes and royalty on the petroleum sector, as subsidy to promote cooking gas is justifiable.
The net import of crude oil and PP (after subtracting earnings from export) accounts for 50 per cent of our merchandise trade deficit. Goa has the highest per capita gross state domestic product, followed by Delhi. This alone is sufficient to push us to use PP mainly for road freight..Consider also the ensuing disincentive for a commercially viable, well-staffed, secure and reliable public bus or metro service because the alternative of personal transport is much more attractive. Using Rs 300 billion, or 10 per cent of the Union government’s Rs 2.Two-thirds of the cost comes from the purchase price of the car and its maintenance. Admittedly, Delhi has severe security issues - particularly for women.Part of the reduction in oil prices was negated by depreciation of the Indian rupee. Pricing diesel - an efficient but polluting fuel - the same as petrol can discourage its use for light passenger vehicles.Delhi accommodates just 1.Consumers of petrol and diesel feel shortchanged since they never benefited from the decline of international crude oil prices. Is this a killer for the average consumer?Not really. Bringing petro products (PP) under a uniform Goods and Services Tax could ensure equity for consumers across state borders. During the past four years (FY 2015 to FY 2018), the average cost of the Indian basket of crude was 43 per cent lower at $58.
The retail price for petrol in Delhi of Rs 80-plus per litre could be here to stay.But it has 10 per cent of two-wheelers; 23 per cent of cars and 10 per cent of jeeps in the country. China will defeat the purpose of US sanctions on Iran. But higher VAT on fuel can fund a bigger fleet wholesale machine screw anchors factory of buses; finance a PPP with Uber, Ola for a 24x7 high-end bus service with digital security features; bridge the price gap with electric cars or fund secure bicycle and pedestrian tracks and overbridges. Massive, mobile chunks of highly-polished metal do not define the value of a human. The rupee will also likely remain around Rs 72 to Rs 74 to the US dollar. And Delhi - the home of two governments and five municipalities - is the biggest beneficiary of a twisted application of this principle. Equity should start at home. All those who choose to live here must learn to pay for the social and environmental cost they impose on the rest of India via their higher consumption standards
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