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As Indian fuel prices hit all-time highs, experts decode outlook for crude oil market

Updated : June 01, 2021 18:37:14 IST

Fuel prices continue to skyrocket in India, with retail prices in the country's financial capital now twice as much as in New York. This after the prices crossed the triple-digit mark for the first time ever in Mumbai and various other cities.

The past year has seen several hikes in sales taxes, so much so that levies now make around 60 percent of the retail price of petrol. And a strong 38 percent rebound in global crude prices this year could mean that these hikes will only persist.

Furthermore, these rising prices come in the light of a destructive second wave of coronavirus that has already hampered demand from the world's third-largest importer for crude.

To understand whether there could be some easing in prices, CNBC-TV18’s Manisha Gupta spoke to Sushant Gupta, Director of Wood Mackenzie and Kang Wu, Head- Global Demand and Asia Analytics at S&P Global Platts.

For the full discussion, watch the video.
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