New Delhi: Any decline in global crude oil prices after easing tensions in the Middle East may not immediately lead to lower fuel prices in India, according to SK Md Azharuddin, Economist at the National Institute of Public Finance and Policy (NIPFP).
Speaking to Azharuddin said, "If international crude oil prices decrease, I am not sure whether the government will immediately reduce fuel prices because OMCs are already under pressure. Lower crude prices would give OMCs some breathing space. In the medium term, the government may decide to reduce prices as well, but it is a difficult choice whether to pass on the benefits immediately or allow OMCs some relief."
