India's announcement to buy cheaper oil from Russia and reduce the prices of petroleum products in the country by about Rs.
In India, Finance Minister Nirmala Sita Raman said in a series of tweets that the government is going to reduce petrol and diesel prices from May 22 and give discounts on other things.
According to his tweet, the central government has announced a reduction in excise duty on petrol and diesel by Rs 8 and Rs 6 per liter respectively. As a result, the price of petrol will be reduced by at least nine rupees and fifty paise per liter while the price of diesel will be reduced by seven rupees.
Announcing this on Twitter, the Indian Finance Minister asked the states to follow suit. He particularly appealed to the states which had not reduced their wages since the waiver was announced in November last year.
It may be recalled that in November, the government had announced a reduction of Rs 5 after a series of price hikes.
The price of petrol and diesel in India depends on the taxes levied by the state governments in addition to the taxes of the central government.
It may be recalled that between March and April this year, there was a 14-fold increase in oil prices, which resulted in a total increase of Rs. The last increase was 80 paise per liter on April 6.
Nirmala Sita Raman wrote with the announcement that the government would incur a revenue loss of Rs one lakh crore due to this exemption. People are talking about it too.
The Congress and the opposition have called it a political game of government.
Congress party spokesman Randeep Singh Surjewala explained this in a series of tweets. He wrote: 'Dear FM, how foolish will the people be?
Today, the price of petrol is Rs 105.41 per liter. Today you have reduced the price of petrol by Rs 9.50. Just 60 days ago, on March 21, 2022, the price of petrol was Rs 95.41 per liter. In 60 days, you first increased the price of petrol by Rs 10 per liter and now you have reduced it to Rs 9.50 per liter.
In another tweet, he wrote the same thing about Diesel: 'Dear FM, how much will you fool the people? The price of diesel today is Rs 96.67 per liter. Today you have reduced the price of diesel by Rs. Just 60 days ago, on March 21, 2022, the price of diesel was Rs 86.67 per liter.
In 60 days, you first increased the price of diesel by Rs 10 per liter and now you have reduced it by Rs 7 per liter. What's the use of that?
Similarly, in the third tweet, he wrote that there is no need for data manipulation to deceive the nation. The nation does not need 'sentences', the nation needs to withdraw excise on petrol and diesel which was Rs 9.48 per liter on petrol and Rs 3.56 per liter on diesel till May 2014.
"Stop cheating, dare to give relief," he added.
Imran Khan's praise of Indian government and criticism of Pakistani government
Former Pakistani Prime Minister Imran Khan has lashed out at the current government in a tweet praising India for providing relief to the people by buying cheap oil from Russia.
He tweeted a news of the government's reduction in petrol and diesel prices in India, saying, "Despite being part of the quad, India withstood US pressure to provide convenience to its people." Bought cheap oil from Russia.
Our government was trying to achieve the same through an independent foreign policy.
The Quad is an organization of four countries, including the United States, Australia, Japan and India.
At the same time, in another tweet, he wrote: 'Pakistan's interest was paramount for our government but unfortunately local Mir Jafar and Mir Sadiq became the pawns of a conspiracy to change the government under external pressure and now the economy is in ruins. I am throwing and beating. '
Former Pakistani Prime Minister Imran Khan, during a press conference on Sunday, once again criticized the current government, saying, Was removed under
"Like India, we wanted to give relief to our people by buying cheap oil from Russia," he said.
It should be noted that Pakistan is currently facing the problem of oil prices. The previous government had announced at the end of February to freeze petrol and diesel prices till the new fiscal year budget, which has been maintained by the new coalition government. Rupee subsidy has to be given which is having a negative impact on the country's exchequer.
Russia is looking for buyers to supply oil at 30% lower rates and because Pakistan is a major importer of oil products, Russia also wants to sell oil to Pakistan.
It may be recalled that last April, his government was overthrown after a successful no-confidence motion against former Prime Minister Imran Khan.
On Imran Khan's statement, Pakistani social media users have different questions and opinions about buying crude oil from Russia and refining it. A user named Khurram Qureshi, responding to Imran Khan's tweet, said that Pakistan does not have the capacity to refine crude oil from Russia.
It should be noted that Pakistan is currently facing a very serious economic situation and the country is facing a deficit due to the subsidy given by the former PTI government on the prices of petroleum products in the country. While foreign exchange reserves are steadily declining, this subsidy is also increasing the burden on the national exchequer.
Will Pakistani refineries be able to produce products from Russian crude oil?
Can Russian crude oil be imported to Pakistan and used in Pakistani refineries? In response, people in the Pakistan refinery sector say that this could happen.
Zahid Mir, an oil expert and chief executive of the Pakistan Refinery, that Russian crude could be used in local refineries. He said that Russia produces two types of crude oil, one called Sokol and the other Ural.
He said that both types of oil can be used and oil products can be made from them but according to him Sokol is better which produces less furnace oil.
Zahid Mir said that at present different crude oils are being used in different refineries in Pakistan, including Arab Light crude oil, Arab Extra, Kuwait Super and one and a half more crude oil.
Zahid Mir said that the refineries have the potential to use Russian crude oil in the same way that they are processing crude oil from other countries.
Is Russian oil cheaper to reduce oil prices in India?
Arun Kumar, a well-known economist and former lecturer at Jawaharlal Nehru University in Delhi, that India was much smaller than Russia. Takes oil. He said that India buys oil from Russia only for one or two days, so the recent reduction in oil prices cannot be based on cheap oil bought from Russia.
Asked what could be the other reasons for the decline, he said it was due to both political and economic reasons.
"Inflation is so high that people are talking about it and the government has to do something to make it look like it is doing something for the people," he said. In a way, it is a political step as well as an economic one.
" Then when he was asked what the Congress alleges that during his tenure the price of oil in the world market was much higher than it is today but in the country he was supplying petrol and diesel at cheaper prices. How true is that?
So he said, "That's true. And that was because of the low taxes imposed by the Congress government. But in times of global epidemics, when oil prices were falling worldwide, the government did not reduce oil prices, apparently because the country's revenues would fall. On the contrary, prices kept rising.
He said that if the government further reduced the excise duty, the prices of petrol and diesel in the country could be further reduced by Rs.
Discussion on social media
After Imran Khan's tweets and his statement, while it is being discussed in the social media of Pakistan, the supporters of the government in India are also describing it as a success of the government.
NCP's Saleem Sarang wrote: 'BJP's game plan. Petrol and diesel prices have skyrocketed since the Uttar Pradesh elections. Now that the Gujarat elections are approaching, it has been partially reduced.
Be ready for a big increase again after the Gujarat elections. That's the decent thing to do, and it should end there. "
Many consumers are writing that the chronology of returning to India is to first increase the price of petrol by ten rupees. Return thousands of crores of rupees in taxes. After two months, reduce the price of oil by ten rupees. And take credit for calling it a master stroke. "
However, many people are welcoming the government's move and are hoping that it will curb inflation.
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