Reports also look at the dwindling demand for diesel consumption in India, and how ‘overtourism’ and climate change are impacting India’s hill stations.
Oil marketing companies earned profits by not reducing fuel prices despite falling crude oil prices earlier. Analysts say they should have kept profits as buffer, with oil prices on rise again.
The company's India unit MD Santosh Iyer said the govt's proposal for an additional 10% tax on diesel vehicles could speed up electrification since consumers may move to EVs or petrol.
Sales in October by three biggest fuel retailers were 1.3% higher than the same month in 2019. Sales of most other key fuels were also above pre-pandemic levels
Since the ending of the three-week-long hiatus in rate revision last month, this is the 14th increase in petrol price and the 17th time that diesel rates have gone up.
When diesel was Rs 20-25/litre cheaper than petrol in 2012-13, cars running on it accounted for 58% of the market. Now, people buy less polluting options, and experts welcome it.
Without a Congress revival, there can be no challenge to the BJP pan-nationally. Modi’s party is growing, and almost entirely at the cost of the Congress.
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