Price of petrol and diesel increased marginally onMonday. Petrol and Diesel prices witnessed a hike of Rs 25 paise and Rs 35paise respectively. The price of petrol in Delhi currently stands at Rs 90.83per litre.
The price ofpetrol crossed Rs 100 per litre on last Wednesday. Reportedly, the price ofpetrol has reached Rs 100.07 in Sriganganagar, Rajasthan.
According toglobalpetrolprices.com, petrol in neighboring country Pakistan is being sold athalf the price (Rs 51.14 per litre). On the other hand in China it is 74.74rupees per litre.
Average petrolprice in the world is Rs 78.65 per litre. According to the Indian rupee, theaverage price per liter of petrol in the world is Rs 78.65. The cheapest petrolin India is Rs 83.19 liters in Itanagar, capital of Arunachal Pradesh.
The price ofpetrol crossed Rs 100 per litre on Wednesday. Reportedly, the price of petrolhas reached Rs 100.07 in Sriganganagar, Rajasthan.
According toglobalpetrolprices.com, petrol in neighboring country Pakistan is being sold athalf the price (Rs 51.14 per litre). On the other hand in China it is 74.74rupees per litre.
Average petrolprice in the world is Rs 78.65 per litre. According to the Indian rupee, theaverage price per liter of petrol in the world is Rs 78.65. The cheapest petrolin India is Rs 83.19 liters in Itanagar, capital of Arunachal Pradesh.
Its price inDelhi is 89.54 rupees a liter, which means petrol is costlier than the worldaverage price in India.
However, thesefigures are given according to Indian Rupees. Most countries in the world useUS dollars to buy crude oil.
Whyfuel price continue to rise?
According to a report published in a leading web portal, therise in price of fuel is directly related to rise in price of fuel in theinternational market. Saudi Arabia had pledged voluntary output cuts of 1million barrels per day. It has been decided under the deal of Organization ofthe Petroleum Exporting Countries (OPEC) and its allies known as OPEC+.
Whatit means for consumers? How will it impact them?
Obviously, daily commuters will face the heat. Ourreporters when talked with the people in Jalandhar, it was evident that theyfelt a pinch due to rise in price of fuel. Even the workers at petrol stationswere complaining about the hike in price.
With the increase in transportation cost, consumers canexpect hike in price of vegetables and other goods.
Moreover, hike in fuel prices have already triggeredincrease in the price of public transport across the country. People who don'town personal vehicles are facing immense problems.
Anyrelief?
Four states have announced to cuttaxes on fuel amid soaring prices of fuel in India. After Rajasthan announcedcut on VAT from 38% to 36% last month, it was followed by poll-bound WestBengal.
West Bengal has cut Rs 1 as a partof its VAT yesterday. Assam has announced to withdraw its cut of Rs 5. It wasimposed last year to generate revenue during Covid-19 spike in India.
Amongst all, Meghalaya has givenbigger relief by cutting Rs 7.4 per litre on Petrol and Rs 7.1 per litre onDiesel. It has also cut VAT on the fuel by Rs 2.
Meanwhile, the union government hasrefused to reduce any taxes on the fuel even when the consumers are feelingpinch due to hike in prices.
Central government had increasedexcise duty by Rs 13 per litre and Rs 16 per litre on Petrol and Dieselrespectively from March to May, 2020.
The crude price of oil at that timewas Rs 19.9 per barrel.