Why GST on petrol and diesel prices may not lower fuel prices

Over the last few days, there has been a strong body of opinion advocating the case for bringing oil products under the goods and services tax (GST). There is no gainsaying the fact that petrol and diesel are one of the most heavily taxed products in India. For instance, about 45 percent of the price that a consumer pays for a litre of petrol at the pump go as taxes to the Centre and states. GST,…