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From what I know there are varying qualities/kinds of crude from different producers. They seem to be priced with slight difference. But I don;t know much on how these differences in prices are really arrived at. LNG are likewise priced with slight differences depending on suppliers and consumers.Why Saudi is selling oil at lower rate to US compared to rate at which they sell oil to Asian countries? This discount is the main reason why US WTI crude is trading at lower rate compared to brent crude. I never support subsidising petroleum products using tax payers money. But what is wrong with subsidising petroleum products using extra tax earned from oil imports?
There is nothing wrong with subsidising petroleum products using extra taxes earned from oil imports. My statement was on the imposition of anti-damping duties against oil imports when there seem to be no case of dumping.
There's no doubt that the ever decreasing oil prices presents an opportunity for governments of net energy consuming countries to generate revenues for some uses or they can keep current tax rates and let the public reap the benefits of lower oil prices on pump so that they can have more savings.Please check below links. Instead of passing full benefit from lower oil price to consumers Govt. increased tax from oil sector and increased spending money for alternate energy.
Government fixes Rs 48.5-49.5 price for ethanol procurement by oil marketing companies - Economic Times
Excise Duty on Petrol, Diesel Raised; No Impact on Prices - NDTVProfit.com
Exclusive: India to reap $12 billion-plus budget windfall from oil slide - sources | Reuters
Narendra Modi government's big solar push: Several power projects announced - The Economic Times