Petrol Diesel Price Hike: Are the prices of petrol and diesel going to increase again? Big reason revealed? Why did India’s concern increase due to the crisis in West Asia? Is a new storm of inflation coming? What is the big warning from the expert?
New Delhi: The impact of rising prices of petrol and diesel may soon be visible on your household budget. The reason for this is the ongoing crisis in West Asia, due to which the prices of crude oil are skyrocketing in the international market. This is what Manoranjan Sharma, Chief Economist of Infomerics Ratings, has to say.
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Must read expert’s big warning
- Speaking to ANI, Sharma said that after the increase in tension in West Asia, there has been a sharp rise in international oil prices. The government may have tried to protect consumers, but now it is difficult to stop the rise in fuel prices.
- Sharma said, “Petrol and diesel prices are increasing all over the world. We all know that the world is currently going through a period of great turmoil, especially after the West Asia crisis.”
- He said that the closure of the Strait of Hormuz has had a major impact on oil supply across the world. This is a big challenge for India because the country imports most of its crude oil through this route.
- He said, “About 60 percent of the oil that India imports comes through the Strait of Hormuz.”
That’s why petrol prices will increase further in India
- Talking about the rise in crude oil prices, Sharma said that when this crisis started, oil was at around $67-68 per barrel, but now the prices have increased a lot.
- “When the war started, the price of oil was around $67 or $68 per barrel. Now Brent crude is at $100 per barrel, and if we talk about spot prices, it has reached $120 or $130 per barrel,” he said.
- According to Sharma, the government has tried to reduce the impact on the common man, but in the face of the global energy crisis, the government can do something only to a limited extent.
There will be a direct impact on the common man’s house.
- “The government has tried to protect the common man, but there are limits to what the government can do,” Sharma said.
- He further said that fuel prices have been rising “slowly and systematically” over the past few weeks and warned that this is bound to have an impact on households.
- “Obviously, this will impact household budgets, families will face some hardships, but it is difficult to avoid because this is a global issue which is not under the control of policy makers, planners and even people in top positions in India,” Sharma said.