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Energy: Roll back prices - Views on News from Equitymaster
 
 
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  • Nov 20, 2000

    Energy: Roll back prices

    The oil price debate has resulted in a roll back of kerosene and liquified petroleum gas (LPG) prices. With the winter session starting today, the move is aimed to sooth certain partners of the ruling coalition. One must also note that West Bengal is headed towards state elections.

    The Government has announced a cut in the price of kerosene and LPG by Rs 1 and Rs 10 respectively. The subsidy element, which was reduced to Rs 2.5 / litre and Rs 120 / cylider for kerosene and LPG has now increased to Rs 3.5 / litre for kerosene and Rs 130 / cylinder for LPG.

    The Deficit widens...
    (bn litres) Kerosene LPG*
    Annual Consumption 12.5 415.6
    Consumption** 4.2 138.5
    Subsidy 1 10
    Incremental burden 4.2 1.4
    * Based on cylinder sales    
    ** Expected    

    The present cut in prices is expected to hike the burden on the exchequer by Rs 5.6 bn. However, the Government has not decided on when the new prices come into effect. This will affect the subsidy element. We have assumed an immediate roll back in prices.

    This roll back in prices was expected. The compromise package may have been designed to achieve greater cohesion amongst the coalition members in the up coming parliament session.

     

     

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