Gaurav Choudhury
Moneycontrol New
Crude oil prices have been soaring globally, pushing petrol/diesel retail prices in India higher. A supply shortage created after Organization of the Petroleum Exporting Countries (OPEC) cut its production caused rally in global prices.
Petrol prices on Monday hit a 4-year-high selling at Rs 73.83 per litre while diesel rates touched an all-time high of Rs 64.69 in the national capital. In Mumbai, the prices were even higher given the higher rate of VAT levied by the state government.
The soaring fuel prices have gained political attention with the Opposition lashing out at the Centre, while the government defending itself on the issue.
The government is being blamed for not cutting Excise Duty on petroleum products after the global rally in Crude prices.
So what can the government do to provide relief to the consumers? And what higher prices mean for India’s growth and economy?
To know answers to all those questions watch the accompanying video where Sakshi Batra is in conversation with Moneycontrol’s Economy Editor Gaurav Choudhury.
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