Crude oil was at 50 dollars two years back and India government kept the retail petrol price hiked to 25 rupees. Over the last two years, the Indian government was sincere in increasing the retail petrol price at nearly half the crude oil dollar rate i.e,
when the crude oil hit 80 dollars, the indian retail petrol prices was raised to 40
when the crude oil hit 100 dollars, the indian retail petrol prices was raised to 50
when the crude oil hit 110 dollars, the indian retail petrol prices was raised to 55
Now, with the crude oil prices receding to below 60 dollars, the government should have cut down the retail price to anywhere around 30 rupees per liter of petrol. Let us be realistic and allow another 10 rupees for the rupee depreciation. Still the retail petrol price cannot be anything more than 40 which means at least 30% reduction immediately.
The government feels otherwise citing all unacceptable reasons. The real reasons could be different. The governments finances are in shambles due to their unfair farmer debt waiver and government employees pay commission reviews resulting in non productive expenditure which have been probably funded through the high petrol prices on Indian citizens.
Let the government be at least fair to some extent and reduce the prices by 15% to 20% immediately.