New Delhi, May 13 -- The Reserve Bank of India (RBI) Governor Sanjay Malhotra said India may need to increase retail fuel prices if the conflict in the West Asia drags on.
"If this is to continue for longer period of time, it is just a matter of time before the government will pass on some of the price increases," Malhotra said at a conference hosted by the Swiss National Bank and the International Monetary Fund in Switzerland.
Excise duties had been cut while state-run fuel retailers were absorbing the increase in crude prices as the conflict continues, he added.
His remarks came after Prime Minister Narendra Modi urged voluntary austerity, including cutting down on petrol and diesel use and putting off gold purchases.
"We are being mo...