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LATEST NEWS UPDATES | How fuel prices become mysteriously stable just before elections. Here’s data since 2020 -TCA Sharad Raghavan

How fuel prices become mysteriously stable just before elections. Here’s data since 2020 -TCA Sharad Raghavan

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published Published on Dec 12, 2022   modified Modified on Dec 13, 2022

-ThePrint.in

In recent years, fuel prices have been kept static for weeks before assembly polls, only to be changed soon after. However, there's no clarity over who's deciding the prices.

New Delhi: Rising oil prices have meant that the Modi government is increasingly abandoning a dynamic pricing reform it had adopted in 2017 and is now exerting more control over fuel prices. Troublingly, government data shows that fuel prices are being kept unchanged for weeks and sometimes months before assembly elections, only to be changed soon after.

Data from the oil ministry’s Petroleum Planning & Analysis Cell (PPAC) shows that petrol and diesel prices have increasingly been controlled recently. While some of these episodes coincide with periods of economic distress, such as in 2020 due to the Covid-19 pandemic and lockdown, the data clearly shows that most of the control is exerted in the months leading up to an assembly election, and relaxed once elections are over.

There also does not seem to be any clarity on who exactly is responsible for the setting of fuel prices. While ministers in the government say the pricing decisions lie with the oil marketing companies (OMCs), India’s largest public sector OMC — the Indian Oil Corporation — has told ThePrint that any questions related to pricing should be referred to the petroleum ministry.

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ThePrint.in, 12 December, 2022, https://theprint.in/economy/fuel-prices-become-mysteriously-stable-just-before-elections-heres-data-since-2020/1258100/


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