Fuel Prices might increase post elections

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Fuel Prices might increase post elections
09 Feb 2022
6 min read

News Synopsis

Citizens of India have been struggling with sky-high fuel prices lately.The budget of citizens belonging to the middle class is disrupted as not only commuting but also the prices of daily essentials shot up due to the increased cost of transportation. After increasing the fuel prices significantly many times, the government decided to reduce fuel prices as assembly elections are to be held in five states of the nation. Surprisingly fuel prices have been static for the past two to three months despite a steep climb in crude oil prices in the international markets. The prices have been increased by $12 which is 15% more than what they were when the fuel prices were slashed by the government. Economists and people related to finance say that this is deliberately done till elections don’t get completed in the poll-bound states and the fuel prices will sharply increase post-elections. Principal Economist Sunil Kumar Sinha said, "The current behavior of domestic oil companies is being dictated by politics, not economics, If international oil prices sustain at this level, we should be ready for a shocker after the elections.”

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