Despite crude prices being at 12 yr low, benefits haven't passed on to industry: Economist

New Delhi, Feb 13 (KNN) Despite the crude oil prices being at almost 12 year low which is around 30 Dollar per barrel for the country, the benefits or cost cuts have failed to pass on to the industry.

Talking to KNN, Renowned Economist Akash Jindal said that the petrol prices for the industry and the common man should me much lower than what it is right now as the crude prices are at  12-year low.

Explaining further, the economist said that Central Government has increased the excise on diesel and petrol whereas state governments have increased the VAT and other taxes.

Many petroleum companies and oil marketing companies were on losses and Government was subsidising those losses in some ways, he said.

He suggested that central as well as state Government should not increase the taxes on their level; rather they should bring them down.

Indians deserve lesser price petrol and diesel, said the Economist. (KNN Bureau)