India’s oil demand has been increasing at a rate higher than the medium term trend and India is among the most oil-inefficient in the world’s large economies. As for post-oil price hike inflation, reflection of true costs is far better for general welfare than prolonged demand distortion. The fuel price changes now won’t be enough to trigger a substantial consumption correction. But it’s a start. The next government will have to undertake major correctives. So how will the BJP, which hopes to be in the next government, approach the problem?
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