Continued uncertainty

Govt forced to react to new conditions in petroleum markets

The global market for crude oil and petroleum products continues to be so volatile and unpredictable that governments around the world, including India’s, are being forced constantly to examine and reshape their fuel tax policies. The price of crude oil has fallen about 20 per cent from a high in the middle of last month, and West Texas Intermediate is now trading at about $95 a barrel. These are still about a quarter higher than at the beginning of the year. But when prices were earlier high at around $115 a barrel, the Union government had reacted with concern about