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Watch | BL Budget: Will we get some respite from high petrol prices?

Richa Mishra | Updated on: Jan 26, 2022

Richa Mishra explains the impact the rising prices will have on the economy and how the government can tackle it.

After sinking to historic lows in 2020, crude oil prices are climbing up once again on the back of economic recovery and rising demand. Brent crude prices have jumped from around the $70-mark at the end of last year to about $87 earlier this week, and prices are set to go up as tensions are rising between the US and Russia.

This is certainly not good news for India, which imports more than 80 per cent of its crude oil. The government will lose revenue if it cuts the taxes on petroleum products, and rising prices makes oil more expensive. The question is how to balance both?

Richa Mishra explains the impact the rising prices will have on the economy and how the government can tackle it.

Published on Jan 26, 2022

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