In Chart: Fuel Price Hikes Burn A Deeper Hole In Indian Consumers’ Pockets
Here’s why Indian consumers haven’t benefited from fall in crude oil prices.
Indian fuel retailers hiked fuel prices for the first time in 82 days on June 7, and have ramped up prices for 13 consecutive days till Friday.
During this period, prices of petrol and diesel have risen by Rs 7.11 and Rs 7.67, respectively.
Rates were frozen in mid-March after the government hiked excise duties by a record Rs 10 on petrol and Rs 13 on diesel, to shore up additional finances.
During this period, crude oil prices fell to multi-year lows, with West Texas Intermediate even slipping into negative territory. Retailers, however, adjusted excise duty hikes against the fall in international prices, instead of passing the benefits of lower prices to customers.
Brent crude prices have nearly tripled since hitting a multi-year low in mid-April.
Oil firms are now adjusting retail rates in line with crude oil prices, according to a PTI report.
