Inflation is wreaking havoc on the country’s common people. The daily rise in gasoline and diesel prices has made people unhappy. Alam claims that their prices have increased ten times in the last 12 days since March 21. There was an increase of 80 paise in both fuels on Saturday as well. Petrol and diesel prices have risen by Rs 7.20 as a result of this increase.
The four major metropolises’ prices
Following the increase on Saturday, the price of gasoline in Delhi has risen to Rs 102.61 per litre, while the price of diesel has risen to Rs 93.87 per litre. In Mumbai, a litre of petrol costs Rs 117.57, while a litre of diesel costs Rs 101.79. Apart from that, the price of petrol in Kolkata has increased by 84 paise to Rs 112.19 per litre, and the price of diesel has increased by Rs 97.02 per litre (increased by 80 paise). Simultaneously, the price of petrol in Chennai has risen to Rs 108.21 per litre, while the price of diesel has risen to Rs 98.28 per litre.
The rise in prices is uncontrollable.
It’s worth noting that the government reduced excise duty on November 4, 2021, as part of the Diwali gift. The general public benefited from a reduction in excise duty of Rs 5 per litre on petrol and Rs 10 per litre on diesel. For the next 137 days, or about four and a half months, there was no increase in the price of gasoline and diesel. However, the cycle of rising gasoline and diesel prices that began on March 22nd continues. On Saturday, oil prices were raised for the tenth time in a row. Let us remind you that after the results of the assembly elections in five states, it was predicted that oil prices would rise sharply, which turned out to be correct.
crude oil prices have an impact
Let us tell you that the impact of rising crude oil prices is clearly visible in the country’s increase in the price of gasoline and diesel. This is largely to blame for Russia’s 38-day-long brutal war with Ukraine. Due to a supply disruption, crude oil prices are skyrocketing. Brent crude rose sharply on March 7, 2022, to $139 a barrel, its highest level since 2008. However, crude oil prices fell following this, but they are still above $ 100 per barrel at the moment.
Expect a long time to feel better.
According to previous reports, the increase in the price of gasoline and diesel will not provide immediate relief to the people of the country. According to a report by JP Morgan, oil companies need to raise retail prices by Rs 9 per litre, or 10%, to return to normal marketing margins or reduce losses. The domestic prices of petrol and diesel in India could increase by Rs 15 to 22 per litre, according to this report, citing the Russia-Ukraine conflict. Experts believe that the reduction in excise duty will have a limited impact on gasoline and diesel prices.