Petrol Prices Increased Again Across India
Petrol prices have increased once again across India, giving another shock to common people. On Tuesday, oil companies raised petrol prices by around 90 paise per litre. This is the second fuel price hike within just one week. Earlier, petrol prices were increased by nearly ₹3 per litre after remaining unchanged for a long time.
The rise in petrol prices has become a major concern for daily commuters and vehicle owners. People who travel regularly using bikes and cars are expected to spend more money every month because of the latest increase.
After the recent hike, petrol prices in Delhi crossed around ₹98 per litre. In cities like Mumbai, Chennai and Kolkata, petrol prices are even higher because fuel taxes differ from state to state.
The main reason behind the increase is the sharp rise in global crude oil prices due to tensions and conflict in West Asia. Reports say international crude oil prices crossed 120 dollars per barrel during the peak of the crisis. Since India imports a large amount of crude oil from other countries, any increase in global oil prices directly affects petrol prices in the country.
Government-owned oil companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum were reportedly facing heavy losses because they continued selling petrol at older prices despite rising crude oil costs. According to reports, these companies were losing thousands of crores daily before the latest price revision.
Diesel Prices Also Become Costlier
Diesel prices have also increased by around 90 paise per litre, adding pressure on transportation and business costs across the country. Earlier, diesel prices were also raised by nearly ₹3 per litre within the past week.
In Delhi, diesel prices crossed around ₹91 per litre after the latest increase. Prices are even higher in some other major cities due to local taxes.
Diesel is widely used in trucks, buses, goods carriers and farming equipment. Because of this, any rise in diesel prices usually affects transportation expenses and the cost of essential goods.
Experts believe the latest diesel price hike may increase the prices of vegetables, fruits, milk and daily-use products in the coming days. Transport companies may also increase delivery charges because of higher fuel costs.
Reports say oil companies were facing major losses while selling diesel at old rates. Rising international crude oil prices and supply concerns in the global market forced companies to revise diesel prices as well.
Opposition Targets Government Over Fuel Hike
The fuel price increase has now become a major political issue. Congress leaders strongly criticised the central government and accused it of increasing prices after elections were over.
Opposition parties claimed rising petrol and diesel prices will increase inflation and make life more difficult for common people. Congress leaders also targeted Prime Minister Narendra Modi and called him the “inflation man” while attacking the BJP government over rising costs.
Several opposition leaders demanded that the government reduce taxes on fuel to give relief to people facing inflation.
BJP Defends the Decision
Meanwhile, BJP leaders defended the latest fuel price hike and said India has seen a smaller increase compared to many countries facing the global oil crisis.
According to BJP leaders, oil companies absorbed losses for several weeks to avoid putting sudden pressure on citizens. They also claimed that rising fuel prices are mainly linked to international market conditions and the ongoing crisis in West Asia.
The government believes the situation may improve if global crude oil prices become stable in the coming weeks.
Common People Fear Rising Inflation
Experts believe the latest increase in petrol and diesel prices may affect household budgets across India. Transportation costs are expected to rise, which may increase prices of food items, delivery services and other essential products.
Many people are now worried that inflation may rise further if global crude oil prices continue to remain high in the coming months.
