Zee Business Managing Editor Anil Singhvi said that he hoped that there would be some relief for the public petrol and diesel prices in the next few days and added that the government could consider cutting fuel rates. The Managing Editor said that the Reserve Bank of India's (RBI) statement on the need for cutting petrol, diesel taxes was a welcome one. 

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He said that the RBI Governor Shaktikanta Das’ worries on the rising fuel prices was justified. He said that the RBI can do only so much when it comes to managing inflation, but the cost of crude oil is not in its hands.  

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He said that there are only two options – one is if the price of crude oil comes down and the second is that the governments at the state and centre cut taxes. 

The call must be taken by the governments as to who does it, he said. Singhvi added that inflation in crude oil impacts everybody. He said that there are expectations that something on this could happen in the next 2-3 days.

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 Impact on Markets:  

He said that the economic recovery is a slow process and would take time. The daily prices do not have an immediate impact on the economy. Meanwhile, the markets react on inflation numbers or the crude price changes.  

What is missing is the comfort factor which one needs along with economic recovery, Singhvi said. 

On the one side, the economic recovery will not allow any market collapse, but the macro factors will hold the markets from seeing a rapid rise, the Market Guru said. 

That will result in a range bound market.