DNA Money Edit: Fuel prices hot despite cooling crude

The common Indian citizen is currently braving two extreme conditions in the country. One, severe summer heat leading to cities across the country getting baked under the blistering sun. 

The second one is a more recent phenomenon wherein the country is witnessing a continuous hike in petrol and diesel prices particularly over the last few weeks.

What’s really strange is that the fuel price hike is despite a declining trend in the global oil prices. In fact, extending a steep decline in the previous session, oil prices fell on Monday as the market eyed an increase in output from the world’s three top crude producers, Russia, the United States and Saudi Arabia, said a Reuters report.

The government machinery is still figuring out ways to bring this situation under control, which is quite surprising. Politics is also being played around considering bringing fuel prices under goods and services tax (GST). 

It so appears that either the government is short on plans to control the price hike or is waiting for some other signals to take an appropriate action.

However, it’s the northward movement of fuel prices every passing day that continues to be a cause of worry for business owners and the consuming class alike.