This refers to the continuing hike in oil prices. The government deliberately kept the petrol and diesel prices under check before the Karnataka Assembly elections. Post the elections, petrol and diesel prices have skyrocketed. When crude oil prices came down from a peak of $150 per barrel to around $25 per barrel during the initial years of the Bharatiya Janata Party government, fuel prices were not reduced, so obviously now people have all the reason to cry foul. With global oil prices rising, the risk of higher inflation and trade deficit looms large on our economy. To provide relief, the government should cut excise duty on petrol and diesel without any delay. But for a long-term sustainable solution, the government has to bring automobile fuel under the ambit of the Goods and Services Tax.
Bal Govind Noida
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