Opinion | Indian growth’s crude volatility challenge4 min read 12 Nov 2018, 09:44 PM IST
Opec’s current woes may benefit India—but they are also a warning that it cannot be complacent
Just last month, Union petroleum minister Dharmendra Pradhan had pressed the Organization of the Petroleum Exporting Countries (Opec) for “responsible pricing". He had cause to be worried. Crude prices had surged to their highest point since 2014. The relief offered by the Narendra Modi government’s excise duty cut on retail sales of petrol and diesel had been wiped out, turning a poor fiscal decision into a pointless one. Much has changed in the month since. Brent crude prices have come down by a fifth and short selling is surging. Retail prices are falling in India. This should have been good news for New Delhi. But the Opec+ meeting on Sunday showed why it isn’t that simple.
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