Budget fallout

Even before petrol prices were raised after the Budget announced an increase in customs and excise duties on the oil sector, the first casualty was the Indian Oil Corporation’s (IOC’s) press conference. IOC Finance Director SV Narasimhan had fixed a briefing for various news channels after the Budget. Once the tax changes were announced, however, the meetings had to be cancelled since, according to Narasimhan, “We could not talk to anyone because everyone would have asked the question as to whether there would be an increase in the price.”