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Union Finance Minister Arun Jaitley today asserted that the government will pass on the benefit of dip in international oil prices to the consumer, while he defended imposition of excise duty saying that funds for social spending also has to be raised.
Jaitley, who was speaking in Rajya Sabha in a discussion over Appropriation Bill, was responding to a concern voiced by members who said that the current prices of petrol and diesel in the country did not reflect the dip in international oil prices.
We have reduced prices eight times, and if there is a reduction in the global crude prices, it will be passed on to the consumer, the finance minister said.
He, however, added that it is very easy to be populist by saying that please don't levy a tax, but keep providing the services.
"So, if you want me to maintain the social sector expenditure, if you want me to maintain all the expenditure, somebody has to foot the bill," Jaitley said.
He added that the government had raised the excise duty on oil, and eight times reduced the rate so that there is adequate money to supplement the social sector schemes.
The finance minister said the Centre has no intention of profiteering out of reduction in international oil prices.
"Oil companies too have to write off their under recoveries also," he said.
The oil companies cannot continue to be merely crediting the under recoveries to their accounts, he said.
PTI
http://firstbiz.firstpost.com/economy/will-pass-on-benefit-of-dip-in-world-oil-prices-to-consumer-says-jaitley-114124.html?utm_source=fb_related_stories
Jaitley, who was speaking in Rajya Sabha in a discussion over Appropriation Bill, was responding to a concern voiced by members who said that the current prices of petrol and diesel in the country did not reflect the dip in international oil prices.
We have reduced prices eight times, and if there is a reduction in the global crude prices, it will be passed on to the consumer, the finance minister said.
He, however, added that it is very easy to be populist by saying that please don't levy a tax, but keep providing the services.
"So, if you want me to maintain the social sector expenditure, if you want me to maintain all the expenditure, somebody has to foot the bill," Jaitley said.
He added that the government had raised the excise duty on oil, and eight times reduced the rate so that there is adequate money to supplement the social sector schemes.
The finance minister said the Centre has no intention of profiteering out of reduction in international oil prices.
"Oil companies too have to write off their under recoveries also," he said.
The oil companies cannot continue to be merely crediting the under recoveries to their accounts, he said.
PTI
http://firstbiz.firstpost.com/economy/will-pass-on-benefit-of-dip-in-world-oil-prices-to-consumer-says-jaitley-114124.html?utm_source=fb_related_stories
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