Petrol-Diesel price rise again: What it means for consumers?

The price of petrol crossed Rs 100 per litre on last Wednesday.

Petrol Diesel Fuel

Price of petrol and diesel increased marginally on Monday. Petrol and Diesel prices witnessed a hike of Rs 25 paise and Rs 35 paise respectively. The price of petrol in Delhi currently stands at Rs 90.83 per litre.

The price of petrol crossed Rs 100 per litre on last Wednesday. Reportedly, the price of petrol has reached Rs 100.07 in Sriganganagar, Rajasthan.

According to globalpetrolprices.com, petrol in neighboring country Pakistan is being sold at half the price (Rs 51.14 per litre). On the other hand in China it is 74.74 rupees per litre.

Average petrol price in the world is Rs 78.65 per litre. According to the Indian rupee, the average price per liter of petrol in the world is Rs 78.65. The cheapest petrol in India is Rs 83.19 liters in Itanagar, capital of Arunachal Pradesh.

The price of petrol crossed Rs 100 per litre on Wednesday. Reportedly, the price of petrol has reached Rs 100.07 in Sriganganagar, Rajasthan.

According to globalpetrolprices.com, petrol in neighboring country Pakistan is being sold at half the price (Rs 51.14 per litre). On the other hand in China it is 74.74 rupees per litre.

Average petrol price in the world is Rs 78.65 per litre. According to the Indian rupee, the average price per liter of petrol in the world is Rs 78.65. The cheapest petrol in India is Rs 83.19 liters in Itanagar, capital of Arunachal Pradesh.

Its price in Delhi is 89.54 rupees a liter, which means petrol is costlier than the world average price in India.

However, these figures are given according to Indian Rupees. Most countries in the world use US dollars to buy crude oil.

Why fuel price continue to rise?

According to a report published in a leading web portal, the rise in price of fuel is directly related to rise in price of fuel in the international market. Saudi Arabia had pledged voluntary output cuts of 1 million barrels per day. It has been decided under the deal of Organization of the Petroleum Exporting Countries (OPEC) and its allies known as OPEC+.

What it means for consumers? How will it impact them?

Obviously, daily commuters will face the heat. Our reporters when talked with the people in Jalandhar, it was evident that they felt a pinch due to rise in price of fuel. Even the workers at petrol stations were complaining about the hike in price.

With the increase in transportation cost, consumers can expect hike in price of vegetables and other goods.

Moreover, hike in fuel prices have already triggered increase in the price of public transport across the country. People who don't own personal vehicles are facing immense problems.

Any relief?

Four states have announced to cut taxes on fuel amid soaring prices of fuel in India. After Rajasthan announced cut on VAT from 38% to 36% last month, it was followed by poll-bound West Bengal.

West Bengal has cut Rs 1 as a part of its VAT yesterday. Assam has announced to withdraw its cut of Rs 5. It was imposed last year to generate revenue during Covid-19 spike in India.

Amongst all, Meghalaya has given bigger relief by cutting Rs 7.4 per litre on Petrol and Rs 7.1 per litre on Diesel. It has also cut VAT on the fuel by Rs 2.

Meanwhile, the union government has refused to reduce any taxes on the fuel even when the consumers are feeling pinch due to hike in prices.

Central government had increased excise duty by Rs 13 per litre and Rs 16 per litre on Petrol and Diesel respectively from March to May, 2020.

The crude price of oil at that time was Rs 19.9 per barrel.

 


Trending