Not long ago, oil prices had become a frenzied topic of discussion in India as prices kept escalating almost daily. As a result, the Narendra Modi government was subjected to severe criticism and opposition parties even made it a poll issue in several state elections.
Though it took some time, luck finally shined on the Modi government when global crude prices stabilised in the last few months of 2018 after a period of continious rise. It was the second time when the Modi government narrowly dodged an oil crisis after coming to power in 2014.
Much to the displeasure of the government, turbulence in the international oil market has made an unexpected comeback. That, too, at a time when the country is voting in the country-wide Lok Sabha elections 2019. Read More