High energy prices are prompting some governments in Asia-Pacifc and Latin America to cut retail fuel taxes or cap energy prices to try to cushion hard- pressed consumers against rising infationary pressures. India has consistently called on Opec+ to ease supply cuts more rapidly in order to rein in the crude price recovery that has sent Indian retail fuel prices to record highs this year, following sharp fuel tax rises by Delhi last year when oil prices crashed at the start of the pandemic. But with consumer government calls to raise output unheeded by Opec+ and crude now above $80/bl, Delhi has fnally given way, this month cutting central excise duty on gasoline and diesel by 5 rupees/litre (7c/l) and Rs10/l, respectively, while many state governments slashed value-added tax to bring down retail fuel prices, 60pc of which are made up of taxes.
展开▼
