Fuel price behaviour under different regimes in India since 2002

Article Type

Research Article

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Economic and Political Weekly


The variation of prices of petrol and diesel since June 2002 in the metro cities in India and the impacts of international crude oil prices and exchange rates on such prices in these cities are examined. It is observed that the rates of growth in the prices of petrol and diesel were faster during June 2002 to May 2004 (first National Democratic Alliance regime) as compared to that of crude oil. It increased moderately during June 2004 to May 2014 (United Progressive Alliance regime), despite the international crude oil price reaching a very high level, while the rates of growth of petrol and diesel prices were steady till December 2018. The price of crude oil fell significantly during 2015, although it increased thereafter. But the fall has not been significantly reflected in final petrol and diesel prices. This was because of a significant increase in excise duty and value added tax.

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