In Gloomy Oil Market, India Pump Prices Echo $100-Plus Crude
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Crude oil has plummeted to about $30 a barrel from $115 when Prime Minister Narendra Modi first came to power six years ago, but Indian consumers are yet to enjoy the benefits of the plunge.
Modi’s administration has repeatedly raised taxes on fuel to cushion worsening public finances. Diesel in the country’s capital now costs 20% more than it did in 2014, with levies accounting for nearly half the retail price, while gasoline is roughly priced the same as under Modi’s predecessor.