India may raise fuel prices as oil stays above $100
India might raise fuel prices soon, with global crude oil staying above $100 a barrel and ongoing disruptions in West Asia.
The government is currently losing about ₹1,000 crore every day to keep prices steady, but the government absorbed about ₹24 per liter on petrol and ₹30 per liter on diesel during peak times.
Excise cut undermined by shipping costs
Even after cutting excise duties by ₹1.7 lakh crore to help out, extra costs from expensive shipping routes and higher insurance are making things tougher.
India's strategic petroleum reserve covers 15 days right now, and plans are underway to build a 30-day strategic gas reserve.
daily gas imports remain pricey and industries are feeling the pinch.
Other countries like Germany and Japan have already hiked pump prices by 20% to 30%, so India may follow suit to balance its budget and energy needs.