You Are Shelling Out 50-55% More For Fuel Since 2016
The production of crude oil is steadily declining in India, and that has led to India being dependant on oil imports which leads to the skyrocketing prices of petrol and diesel that we see today. If India increases its crude oil production instead of decreasing it, the country will have cheaper fuel.
Data tells us that the state-owned ONGC (Oil and Natural Gas Corporation) has been consistently cutting its crude oil production. This was 22.25 million tonnes in 2016 which has come to 20.27 million tonnes today.
Similarly, in 2017-18, it produced 22.3 million tonnes, in 2018-19 21.11 million tonnes and 20.71 million tonnes in 2019-20. And concomitantly, fuel prices have been increasing steadily in this duration.
Read the full story here