International Journal of Commerce and Management Research

Authors
Rashmi Priya Sharma, Arabinda Sharma

Abstract
The prices of crude oil in India has been witnessed a prices rose at a boiling 24% in March 2018 beating a 40-month high and still increasing with no sign of relief in year 2018. As India, imports nearly 80% of it’s petroleum products, it will have a cascading effect on Indian economy. Keeping in view of the above facts, the current paper aims at exploring the implications of this hike on India, the possible reasons responsible for the current hike in petroleum prices. The article also aims to provide certain solutions which might help controlling the current spike observed in petroleum product by oil marketing companies (OMCs). The results indicated that the uncontrolled rise in prices, especially of petrol and diesel, is going to affect the Indian economy very badly and theft the saving from the pockets of common people. But unreasonable reduction in prices too has several negative impacts ranging from reduced revenue to negative effect on environment. The results found that the reasons for hike are both inherently national and international nature. Finally, the article recommended certain corrective measurements to arrest the petroleum price within reasonable limits.