Experts have warned that rising fuel rates could severely derail India’s economy, which is already under pressure due to the impact of the second Covid-19 wave. Rising fuel prices have resulted in a sharp rise in retail inflation, making a host of essential commodities and services costlier for citizens. Inflation is another reason why economists are worried about rising fuel prices. The cost that consumers bear for such services – directly or indirectly – have been rising gradually over the past two months as a result of rising fuel prices. Cutting taxes necessaryExperts believe that economic recovery will become tricky if the Government continues to ignore rising fuel prices.

Source: The Nation June 30, 2021 17:26 UTC