What is happening: Fuel prices in India continue to rise, as the country is heavily dependant on importing their supplies from international providers.
What is the current price: The price of fuel in India currently sits at $4 per gallon, compared the US value of $2.90. The value of the Indian rupee against the US dollar is falling dramatically.
Imports: India imports nearly 80% of its fuel supplies, hence why the country is so dependant on a reasonably-priced global market.
Taxes: The Indian government have raised taxes and duties on oil to over 100% beyond the base price of crude oil.
Strikes: Opposition parties organized a country-wide strike to oppose these prices last month.
What did FreightWaves reporter Vishnu Rajamanickam say: “To make it clear, the ballpark price of one gallon of diesel in India stands at $4 as compared to an average of $2.9 in the U.S. – purchasing power of parity notwithstanding, this expounds why the situation is dire, and why people in India are feeling the heat of price inflation.”