New Delhi, March 5 -- Consumers can be spared from a rally in retail prices of petrol and diesel if the two auto fuels are brought under the GST regime, but lack of political will and hesitancy to let go a major source of revenue for governments is keeping the product prices one of the highest in the world, economists at SBI said on Thursday.

According to them, petrol prices could be as low as Rs 75 a litre and diesel Rs 68 a litre if the two fuels are brought under a uniform taxation system that GST provides.

The economists put across their views in the SBI Ecowrap report, which said that lower prices for petrol and diesel assume that crude oil is priced at $60 a barrel and the exchange rate is Rs 73 per dollar.

They said under the mo...