Soaring gasoline and diesel prices in India require urgent action, Oil Minister Dharmendra Pradhan told media, and the government is trying to find a solution to the problem, which comes as a result of a substantial increase in benchmark oil prices and India’s excessive dependence on imported crude. One way the government is considering to reduce the pressure on consumers is by introducing a windfall tax on local oil producers, to be activated in case international prices exceed US$70 a barrel. Since Indian oil producers sell their crude at international prices, any revenues from oil sales at more than US$70 would be collected by the state and transferred to fuel retailers to cushion the price blow to end consumers. After Brent crude last week passed the US$80 threshold for the first time in four years, Pradhan called on Saudi Arabia and OPEC to do something about prices, calling this […]