New Delhi: Crude oil rose to the highest in two months on Wednesday as the global oil market ignored omicron fears but fuel consumers in India may not need to worry about their fuel bills because the government could not let pump retailers rise in pump prices until the state selection take place.
Global Benchmark Brent raw on it to $ 84 a barrel following the US Federal Reserve Chair Jerome Powell signaled interest rates because American economic growth was on the world’s largest lane and economy to face an Omicron storm.
Prices are also supported by the lack of IPEC + promised to add 400,000 barrels to the market every month.
Grouping has struggled to meet the target due to production problems in a number of member countries.
Recent developments in Kazakhstan, where protests against the increase in gas prices almost turn into a popular rebellion, added to fear of a more stringent market.
But going with the trend of the past, safe to assume the center will not allow public sector fuel retailers – which dominate 90% of the market – to raise fuel prices until the last vote above, Punjab, Uttarakhand and Goa.
Prices have also been frozen when these countries go to elections in 2017.
This is done to avoid giving campaign campaigns to the opposition.
Before the election of West West West Bengal assembly last year, fuel prices were not raised between March 17 and June 6 even though crude oil continued to increase.
Prices were also frozen before state polls in Karnataka in 2018 and in Gujarat a year before that.
Oil has posted a weekly benefit in recent times but the price of fuel in India has remained unchanged since November 4, when the government cut customs from RS 5 on gasoline and Rs 10 on the display to overcome popular anger on popular fuel prices.
Towards the election of assembly in important political and four other states.
The BJP-ruled countries also saw suitable pieces at VAT immediately, while the opposition ruled the countries following it soon.
As a result of a tax reduction, gasoline prices, which have reached Rs 100 per liter for the first time in February last year, falling under the sign and Diesel also resigned from March to the century.
Technically, free fuel retailers to revise prices every day in harmony with crude oil, benchmark gasoline and diesel prices and dollar-dollar rupee exchange rates.
But in practice, it’s no secret that the government determines quantum and time of improvement.
Because the State-managed retailer controls the market, private retailers have no choice but to suffer losses because they have to match the price to compete.