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Petrol prices July 27, 2021 This refers to the article ‘Pricing petrol’ by Syed Akhtar Ali (July 24). It is important to note that petrol, diesel and at least ten other items which are derived from crude oil are ‘joint products’. The cost of production of individual products is indeterminate. In a free market, their prices are determined by the intensity of demand in such a way that total costs are recovered by producers. However, prices of petrol, diesel and some other products are regulated by public authorities which tax them for revenue generation. The economic impact of these taxes is often ignored. Diesel is mostly used by public service vehicles, buses, wagons, trucks, agricultural tractors, railway locomotives and industries and for power generation. Taxes on diesel affect the cost of production and are ultimately borne by people. On the other hand, petrol is used by car owners who are mostly rich. Taxes on petrol is a tax on the rich. Although cars are the most c

Abdul majeedSyed akhtar aliஅப்துல் மஜீத்