Losers and gainers in Indian industry as fuel prices climb to record high

Expensive retail fuel can trigger inflation, hurting a fragile economic recovery. Devangshu Datta explains who loses - and gains somewhat - when prices rise

Global downturns lower fuel prices as demand falls, helping India that imports about 80 per cent of crude and one-third of its gas. Cheap crude and gas in 2020 led to a surplus trade balance despite lower exports, allowing room for high taxes without pushing up retail prices.
 
That period is over and energy prices are moving up as the global economy expands. Crude prices have spiked 37 per cent since January 1 and Indian consumption is likely to rise.
 
Crude and gas consumption was 12 per cent lower between April 2020 and January 2021, compared with the