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Yet another oil bonanza for Modi

A 32 per cent jump in oil revenues offers some relief to strained govt finances

oil, crude, gas, modi, government, price, petrol, diesel
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illustration: Binay Sinha

A K Bhattacharya New Delhi
In post-pandemic India, many things in the economy have gone wrong. But is there anything that has gone right with respect to any of the government’s initiatives in recent months? Well, the oil sector is one area where the government took the right steps and in good time. Not surprisingly, the results are beginning to show.

On March 14, the Union government had announced a steep hike in the excise duty, special additional excise duty and cess on petrol and diesel, which was expected to fetch an annual additional revenue of Rs 39,000 crore or about 15 per cent more than
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