A droplet of fuel falls from a fuel nozzle as an employee prepares to refuel an automobile. (Photographer: Simon Dawson/Bloomberg)
Retail fuel prices in India are near record highs after 17 consecutive hikes by state-owned oil marketers. Yet, consumers should brace for more.That’s because oil marketers are struggling to recover costs after the government increased taxes to shore up revenue during the slowdown. The only way for these companies to protect margins is by increasing prices at the pump.Retail prices have been rising since May-end as crude recovered fr...