Oil prices fell below $71 on Wednesday. The reason for the fall has
been attributed build up of U.S. fuel stocks and cooling tensions
between the West and Iran over Tehran’s nuclear program.

World’s Fall India’s Rise
While international oil prices went down retail petrol and diesel
prices in India were increased by as much as Rs.4. Petrol prices shot
upto to Rs.47.49 rupees a litre ($1.04, 55 pence) and diesel by 2
rupees to 32.45 a litre. In places like Bangalore and Bombay the
price is touching Rs.55.

India’s state-owned fuel retail outlets say they are losing billions
of rupees by subsidising the cost of petrol to help the nation’s
economy.

Editor’s note

True India’s state-owned fuel companies are losing billions by way of
subsidy. But what about the artificially increased price of fuel
through excessive taxation at both central and state levels. Will the
FM please take note.