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The Modi government is damned if it cuts oil prices—and damned if it doesn’t

The Modi government is damned if it cuts oil prices—and damned if it doesn’t

In 2011, when the cost of oil being imported by India was averaging above $100 per barrel (Rs6,430 at the current rate), the retail price that citizens paid for petrol in Delhi averaged at Rs65 per litre. But today, when the cost of importing oil is substantially lower at an average of $50 per barrel—half…