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A L I Chougule explains the crude reality of why oil price decontrol is a one-way street

Retail prices of petrol and diesel have hit record highs across the country. On February 18, the price of petrol crossed the Rs 100 a litre mark in Rajasthan’s Sri Ganganagar district; the following day, it crossed Rs 100 a litre in Anuppur, Madhya Pradesh, while in Mumbai, it hovered around Rs 97. For the last two months, retail fuel prices have been consistently going up. Since March 2020, the price of petrol has gone up by nearly Rs 20 per litre and diesel by over Rs 17.50 a litre. The government’s justification for this has been that global crude…

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