With prices slipping, the cartel delays a planned supply increase
On September 1, petrol price was hiked by Rs 3.38 per litre and diesel by Rs 2.67 per litre which was followed by another price revision yesterday, where petrol was up Rs 0.58 per litre and diesel saw a marginal cut of Rs 0.31 paise.
Experts do not see Kirit Parikh panel recommendations materialise on the back of upcoming inflations and the current economic environment.
India, the world's fourth-largest oil importer, needs to rein in spending to help stabilise its finances and support the rupee, which hit a record low earlier this year.
Experts believe that government must implement the recommendations of a one-time hike in diesel prices. However, they are skeptical of it as the elections are round the corner.