Petrol price can go down to ₹75 a litre across India if brought under the ambit of the Goods and Services Tax (GST), but there is a lack of political will, which is keeping Indian oil product prices at one of the highest in the world, economists at SBI said on Thursday.
Diesel will come down to ₹68 a litre and the revenue loss for the Central Government and states will be only ₹1 lakh crore or 0.4% of GDP, according to the calculation by the economists made under the assumption of global crude prices at $60 a barrel and exchange rate at ₹73 per dollar.
The SBI economists said bringing petrol and diesel under the goods and services tax is an unfinished agenda of the GST framework and getting the prices under the new indirect taxes framework can help.
