Data | Why are petrol prices steady
The Hindu
The retail price is linked to the international crude oil prices and that is why it changes every day
In India, in recent times, whenever crude prices have been on the rise, Indian consumers have faced the burden of the price rise. However, when crude prices dropped, the Centre's excise duty was increased in proportion to the drop, and consumers continued to pay more. This trend changed somewhat when r, and some State governments reduced VAT. However, now and are expected to be on the same path for quite some time. Due to upcoming State elections, the retail prices are delinked temporarily from crude prices and continue to remain at a relatively lower rate. However, once the polls are over, the retail prices may go up again.
The chart depicts the crude price - Indian basket (left axis) and the retail petrol price in Delhi (right axis). Since late-2014, crude prices have crashed on multiple occasions. But this has rarely translated into a reduction in retail petrol prices. However, a rise in crude price has always been accompanied by a parallel increase in the retail price.
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