After plummeting to a multi-decade low after the Covid-shock, price of Brent crude has recovered only partially. But despite low oil prices, retail prices of petrol and diesel have remained higher than pre-Covid times, courtesy a hike in fuel taxes (excise duties). This has happened even if the exchange rate has beel relatively stable.
This has helped the government have one healthy revenue stream in FY21, and help contain the deficit. Though high priced than before, petrol and diesel consumption came back to pre-Covid levels in recent months. And fuel tax hikes at the right time gave the government a higher monthly revenue than pre-Covid times, providing a cushion to the revenue shock.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
First Published: Fri, January 08 2021. 18:48 IST