Petroleum Minister Dharmendra Pradhan has met with state oil firms and there is speculation that oil prices may be reduced, but despite this the problem for the common man is that there is little the government can do at this stage. The US withdrawal from the Iranian nuclear deal and Saudi Arabia’s IPO — Initial Public Offering — of its state oil company Aramco will ensure that oil prices will remain high for some time. The rise in crude oil prices directly impacts India as we import over 80 per cent of the oil we consume — a figure that will not change anytime soon. Given this scenario, rising petrol prices is a given. There are many possibilities on the horizon, but the one certainty is that the Indian consumer is not likely to receive much relief from rising petrol prices anytime soon.

Source: dna May 23, 2018 02:39 UTC