Oil Prices

The primary aim of this article is to understand the working and mechanism of OPEC which completed its 60 years in 2020 and has been able to increase its importance manifold by coming together and forming a tight cartel over the global oil market.

In recent Union budget of 2020-21 everyone expected Central Government would impose tax on Middle Class to generate revenue but it turns out that Government didn't impose tax. As of now Government is in need for Money and that money is now being generated from tax on Petrol and Diesel.

Those rejoicing the drop in Crude oil prices and mocking Indian government for not lowering despite the drop, it's time to educate ourselves on the methodologies followed.

The government’s commitment to maintaining macroeconomic stability — fiscal deficit and exchange rate are very major components of that — is expected to be total.

Analyzing three main factors- Global crude oil prices, percentage increase in Indian prices and subsidy given on the fuel, impacting fuel prices.