Record high fuel prices put India’s economy on slippery track. Here’s why

High fuel taxes combined with a recovery in international crude oil rates have made life difficult for millions of households, putting India’s economic recovery in jeopardy. Retail prices of petrol and diesel are hitting record-high levels almost daily as state-run oil marketing companies (OMCs) continue to revise rates upwards.

Petrol price has crossed Rs 100 per litre in multiple states, while diesel is gradually inching closer to the three-figure mark. In fact, buying petrol in major Indian cities such as Mumbai costs almost twice as much as in New York…

To read more: https://www.indiatoday.in/business/story/record-high-fuel-prices-put-india-s-economy-on-slippery-track-here-s-why-1820833-2021-06-29

SOURCE: INDIA TODAY