Fuel price cut: What do the numbers reveal about India's oil economy?

As Brent crude forms a major part of the Indian import basket, the price the oil seller charges us has shot up the roo

“Apart from the current account deficit (CAD), which is directly dependent on oil prices, all other macroeconomic parameters are comforting,” finance minister Arun Jaitley said after announcing a Rs 1.5/litre cut in excise duties, and convincing oil firms to absorb another Rs 1/litre, for petrol & diesel. 
 

For the first four months after the NDA government took over in May 2014, global crude oil price neared $100/barrel. On the eve of New Years’ Day of 2015, it nearing $50 per barrel was no less than a gift. 

The first signs of rising crude prices were visible at the beginning of