Spike in fuel prices stoke inflation; Will govt give relief to citizens?

There is a 10% increase in the petrol prices which is equal to 50bps increase in the retail inflation. This is said to be burning the health along with the pocket of the consumers. The retail inflation in June reflects more expenditure on fuel than a person's health. The share of spending on fuel has jumped to 75% in June, which was 62% in March. The analysis of the SBI card spends shows a high reduction in health expenditure. The crude oil price is up by $20/bbl in April to above $75/bbl in July 2021. The SBI recommendation demands an urgent cut in oil prices through tax rationalization.

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