The government may bite the bullet and decide to cut excise duty once again on petrol and diesel in order to check the likely spike in prices of household items across the board due to a sharp rise in crude oil prices in the wake of worsening Russia-Ukraine crisis.
The crude oil prices have surged past $100 per barrel in the international market. Brent crude prices were at $102 per barrel in the international market on February 24. The crude mix shipped by India called the Indian basket came close to $94 per barrel.
Crude oil has a direct co-relation with India’s retail price inflation as it jacks up the transport fuel prices, which in turn makes each and every item that is transported, costlier.
