Oil prices are nearly 40% lower than they were in June 2022, when fuel prices were effectively frozen; yet, consumers have not benefited from this decrease.
Move to bring down differences in commodity prices with neighbouring states, says government. Oppn, dealers blame it on welfare, Congress's guarantees.
Petrol & diesel prices have barely changed since June 2022, even though oil prices have fallen 28% since then. This has boosted profitability of OMCs and dividend payouts to govt.
Petrol and diesel rates have not been lowered in India since May 2022 even though international oil prices are down 25% from June 2022 peak. Analysts believe ‘politics is at play’.
Fuel prices were first kept static to protect consumers from rise in oil prices, and then for OMCs to recover losses. With OMCs in profit now, daily pricing mechanism can be restored.
In recent years, fuel prices have been kept static for weeks before assembly polls, only to be changed soon after. However, there's no clarity over who's deciding the prices.
Global food prices surged by 28% in 2021 compared to year before — highest in a decade, according to UN estimates. By May 2022, food prices were 60% higher compared to 2020.
While export values have increased, India’s share in the global dairy trade has remained largely stagnant, despite being the world’s largest milk producer.
Initial talks held on the possibility of India entering the programme that was started in 2017 between France, Germany and Spain to ensure European sovereignty in defence and security.
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