Price crash brings no relief: Oil cos keep fuel prices unchanged for 40 days
NEW DELHI : This is one reform initiative of the government that has not yielded the desired results on ground. A collapse in global crude oil prices was widely believed to provide relief to consumers by way of sharply lower retail price of petrol and diesel. But the reality has turned out to be something else.
The auto fuels today maintain almost the same price levels at pumps that was existing on March 14, when government raised the excise duty on petrol and diesel by ₹3 per litre on the back of a single day more than 30% fall in crude to $35 a barrel.
Since then (March 14) , crude prices has fallen by another 40-50% with Indian basket of crude hovering around $20 a barrel now, but retail prices of petrol and diesel has not fallen to provide relief to consumers in time of Covid-19 outbreak.
