Since Saudi Arabia and Russia have extended production, export cuts.
This has happened for the first time this year as Saudi Arabia and Russia have extended production, export cuts till the end of the year.
As India heads into a series of assembly elections, the union government will find it difficult to control prices of petrol and diesel at the pump level. India imports 85% of its crude oil needs. The centre had last cut excise duty on oil in May to shield retail rates from going up. The crude prices' flare up comes at a time when the centre was expected to cut rates ahead of polls.
Petrol, diesel prices have been on a freeze for a record 17 months in a row. PSU fuel retailers are mandated to revise pump prices daily but have not been able to do so because of inflation.
If oil prices have been at $73 - 74 a barrel range, oil companies could have restarted daily price revision based on 15-day rolling average.
10 month high of global crude as production cuts extended.
My take
The following bit of recent news need to be understood in this context :-
* India is poised for a spate of Assembly elections followed by the general elections of 2024.
* Recent surveys have shown that PM Narendra Modi was poised to return to power.
* A huge amount of money - over Rs.10,000 cr - have been pumped into this country by China to
manipulate election results by bringing about artificial scarcities and inflations to put the
government in bad light. And then, there's that idiot, George Soros.
* The NIE has tom tommed the oil price-hike - with bleak scenarios - on its masthead!
* Sonia Gandhi has put China, Manipur and economy as subjects to be discussed during the special
session of Parliament during the third week of Sep.
Isn't there a whiff of conspiracy?
Tailpiece.
Got up earlier than 6, it was pouring and therefore, the morning hymns were not available.
The maid comes for work by an autorickshaw on Lekha's directives.
A quiet Thursday.
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