Planning to buy a car? Seeing petrol prices head northwards, chances are high you would have changed your mind and now intend to buy a diesel-powered vehicle. That might be a smart move given the government’s reluctance to tinker with diesel prices in the face of stiff opposition. But there are plans afoot to deter you.
So it’s official. India has finally raised fuel prices, by more than most people expected. A hike in diesel prices in particular is sure to feed through into overall inflation. At the same the government removed the import duty on crude oil.