Vandana Hari is founder of Singapore-based Vanda Insights, which tracks energy markets.
New Delhi has not passed on reductions in crude price but in fact raised taxes

Taxes on petrol and diesel in India account for around 69% of the retail price, the highest in the world. © Hindustan Times/Getty Images
Vandana Hari is founder of Singapore-based Vanda Insights, which tracks energy markets.