After much vacillation and prevarication, the government has finally done the inevitable—raised the price of petroleum products—by doing a little of everything. But the bottom-line is that even after the cut in customs tax, reduction in excise duty, a ‘modest’ increase in the cost of petrol, diesel and cooking gas for all and a further request to states to slash their taxes, the oil companies are still left with massive deficits in every litre or every cylinder sold. It is a job half done at a time when the burden of the task is spiralling.
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