Fuel Prices and Cess

Syllabus- General Studies 3 (Economy) Poverty and Inequality, Unemployment, Inflation in India. Context The rating agency ICRA recently postulated that the government had room to cut cess levies on retail prices of petrol and diesel, thereby easing prices. Lower fuel prices will likely help cool inflation levels, which are currently beyond the 6% upper limit specified by the Reserve Bank of India (RBI). More on the news: ICRA anticipates that with  an increase in the mobility of the population and economic recovery after the easing of Covid-19 curbs and increasing vaccination rates; It forecasts that the consumption of petrol and....Read More