India asks OPEC+ to fulfill promise of stable oil prices
With retail petrol and diesel prices going through the roof, India on Thursday again urged oil producers’ group OPEC to ease production curbs to fulfill their promise of stable oil prices.
Though the average price of crude oil India imports was less than USD 50 per barrel between April and December 2020 and comparable to 2019-20 average rate of USD 60.47 in months thereafter, petrol and diesel prices are at a historic high now as the government has so far not rolled back the taxes it levied when prices plummeted almost a year back.
The record taxes coupled with international rates returning to pre-COVID levels on resurrecting demand have meant that petrol has crossed Rs 100 mark in some places in Rajasthan, Madhya Pradesh and Maharashtra.
