A cut of Rs 1 cut in the prices of petrol and diesel, announced by Union Finance Minister Arun Jaitley on Thursday, alongside a Rs 1.5 excise duty reduction, indicates an end to pricing reforms in the petroleum sector, which survived a government change at the Centre.
Unlike many other UPA policies the NDA government overruled or renamed, petroleum pricing had a clear policy direction for the past eight years. The fact that Jaitley chose to announce the price reduction on behalf of the oil-marketing companies (OMCs) shows that the government wanted to take credit for the full Rs ...
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