 "Revenue includes cess on crude oil, royalty on crude oil/gas, customs, excise, service tax; govt spending includes under recovery payments to OMCs, fiscal subsidies, DBTL subsidies, PMUY subsidy")
The fall in crude oil prices in the past three years — induced partly by a demand shock and a supply glut — has given a fiscal bonanza to the Union government, the benefits of which have not been entirely transferred to retail consumers in the country.
While the crude oil price from May 2014 to January 2016 fell 74 per cent, retail petrol and diesel prices fell only 17 per cent and 22 per cent, respectively, in this period. And, while oil prices have risen 84 per cent from January 2016 to September 2017, retail petrol and diesel prices
