Have a look at this chart image to understand that why fuel prices are higher in India vs the rest of the world as we are taxed more.
We will call on the govt to reduce some taxes as crude is likely to touch $5000 per barrel and thus we will be seeing rates firm up further. This analysis is based on our research for MCX crude tips as we are seeing that for the past so many years it is for the first time that crude has crossed the crucial 76.8 retracement level. Thus sooner or later $5000 per barrel in the international market is going to be a reality in market.
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