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Oil Prices and India UPSC NOTE

 


Why India’s oil import price declining?

  • India have a sharply increased purchase of crude from Russia since Moscow’s invasion of Ukraine.

  • Due to the consequent western sanctions against Russian energy exports, the price India pays for an imported barrel of oil has been steadily declining.

Impact on the consumer

  • The softening in crude purchase prices has not percolated to the Indian consumer.

  • Pump prices of petrol and diesel have remained unchanged since May 22, 2022.

Impact on the consumer

  • Governments at the Centre and the States, and the oil marketing companies unwilling to forego any revenue, possibly as a way of insulating themselves from any rise in costs in the future.

    • The combined Saudi-cum-OPEC+ announcements of supply curtailment are a cause for some concern for oil companies given the potential they have to push up global oil prices.

Way forward

  • With retail inflation showing signs of easing in recent months and private consumption spending data showing a distinct lack of vigour as a result of the inflationary erosion in consumptive capacity, policymakers must reassess their stand on fuel prices.

  • The demand for bringing oil products under the ambit of GST so as to help rationalise fuel prices.

  • The Centre can take the lead and provide a fiscal fillip to the economy by cutting its levies on the key transport fuels.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Oil Prices and India UPSC NOTE
Oil Prices and India UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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