What is driving the reduction in fuel prices?
The rise of fuel prices in India is directly proportional to the rising economic tension among Indian middle-class families. Those who can afford a car will keenly monitor the meter as an attendant at the gas station fills the fuel tank, preparing to shell out a hefty amount.
However, they now they have a reason to breathe a sigh of relief, albeit short-lived it may be.
In the first reduction in rates this year, the price of petrol on March 24 was cut by 18 paise per litre and diesel by 17 paise a litre.
Fuel prices were cut on Thursday again with petrol being reduced by 21 paise per litre and diesel by 20 paise, according to a price notification of state-owned fuel retailers.
