Transparent pricing

Govt should explain the fuel tax rationale

Over the past one month, crude oil prices have been somewhat volatile — having moved from about $69 per barrel (Brent) to over $75 and correcting back to about $69 per barrel. There is concern among consumers regarding sustained high pump prices and the Reserve Bank of India has said higher taxes on petroleum products are an important driver of inflation. Union Finance Minister Nirmala Sitharaman has, however, ruled out any reduction in excise duty on petrol and diesel to lower prices. Referring to oil bonds issued by the United Progressive Alliance (UPA) government, the minister noted that payments for