While a hue and cry was raised by economists when the government gave oil subsidies, they are all mum now that petroleum taxes have been raised sharply.
If the monetary policy committee waits until April, it will have a better idea of demonetisation’s negative impact and a firmer grasp of global commodity price trends.
The simultaneous price hikes for fuel, electricity and domestic gas sparked protests in a climate of discontent over growing impunity, corruption and social inequality.
The advent of fracking has precipitated a silent American revolution, allowing the US to leverage its power in the international arena.
The state’s revenue, largely tied to the petroleum industry, slumped in the last two years as global oil prices collapsed.
Attacks in the Gulf of Guinea – a significant source of oil, cocoa and metals for world markets – have become less frequent partly due to improved patrolling but also to lower oil prices.
As global crude prices reach a 11-year low, the Centre and state governments steadily increase excise duties and value-added tax, shoring up their revenues.
Narendra Modi will be mistaken if he thinks American companies will treat the NDA differently from the previous regime.
The old producers v. importers game has made way for complex, intersecting faultlines in which geopolitical and commercial rivalries are taking their toll on the stability of the global oil market.