Petrol price: In case you thought petrol @Rs 100 won't becom

Petrol price: In case you thought petrol @Rs 100 won't become the new normal just yet, think again


Synopsis
Oil producers' latest move hands Modi government a tough choice. Had the production cut been ended, fuel prices in India would have eased without the government needing to cut tax. Most of the local retail prices here is a function of taxes levied by Central and state governments, which they are unwilling to cut.
Exorbitant retail prices have fuelled anger among harried consumers and there have been widespread calls for a tax cut.
The Indian consumer's hope that petrol @Rs 100 might not become the new normal just yet, may have been dashed.
Yesterday, OPEC+ — the grouping of major oil producers — made public its plan to continue with its production cuts till April. It effectively means that if you are headed to the petrol pump, brace yourself to keep paying more for longer than you thought you would.

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