Fuel Price Hike Latest News: Petrol and diesel have become expensive in the country for the fourth time within 10 days. Petrol has crossed ₹115 in cities like Hyderabad and ₹102 in New Delhi. Experts say that if America-Iran tension continues, oil prices may increase further in the coming days.
Petrol-Diesel Price Hike: If you had reached the petrol pump before leaving for office this Monday morning, you must have been shocked to see the rate. The prices of petrol and diesel have increased in the country for the fourth time in just 10 days. Oil companies have increased petrol by ₹2.61 and diesel by ₹2.71 per litre. Even before this, prices had been increased on May 16 and May 23. The continuously increasing prices have started spoiling the entire monthly budget of the common man. Oil rates are going up in every city from Delhi to Mumbai and from Lucknow to Hyderabad. The biggest concern is that experts are currently giving little hope for relief. If the situation remains like this, then both petrol and diesel may become more expensive in the coming days.
Why did the prices of petrol and diesel suddenly start increasing?
This time, the biggest reason for the increase in prices is believed to be the increased tension between America and Iran. Due to the ongoing tension in West Asia, the world’s most important oil route ‘Strait of Hormuz’ has been affected. It is from here that a large part of the world’s crude oil is supplied. As soon as the supply was affected, the prices of crude oil increased rapidly in the international market. Its effect is now visible in India also.
Petrol crosses ₹115 in Hyderabad and ₹102 in Delhi
After the new increase, petrol in the capital Delhi has reached ₹ 102.12 per liter. Whereas the rate of diesel has become ₹ 95.20 per liter. At the same time, the price of petrol in Hyderabad has reached ₹ 115.73 per liter and diesel ₹ 103.82 per liter. It is included among the most expensive cities of the country.
What did the ONGC director say?
According to ONGC Director (Exploration) Sushma Rawat, there is still a lot of uncertainty in the international market. He said that whenever there is news of a peace agreement, the prices of crude oil come down, but as soon as there is news of increasing tension, the prices go up again. He says that the government tried to provide relief to the people for about 76 days, but the oil companies were incurring a loss of about ₹ 1000 crore every day. In such a situation, it became necessary to increase the price.
3 big warnings from experts regarding petrol and diesel prices
1. Petrol may become more expensive in the coming days
If the US-Iran tension does not end soon, the prices of petrol and diesel in India may increase further. Experts believe that in some cities petrol may go up to ₹ 110 to ₹ 120 per liter.
2. Food items can also become expensive
The impact of petrol and diesel becoming expensive does not just extend to driving. As transport expenses increase, things like vegetables, milk, ration and online delivery also start becoming expensive. If this continues, the budget of the common man is sure to deteriorate.
3. The monthly budget of the middle class may deteriorate.
People who go to office every day, students who ride bikes and those doing small business can be affected the most. Monthly fuel expenditure is increasing rapidly. Its effect will be seen on every day-to-day things.
There was some relief in crude oil prices
However, a slight decline in the prices of crude oil was also seen in the international market late on Sunday night. Brent crude fell nearly 5% to $98.22 a barrel. But experts say that until the tension in West Asia does not end completely, the relief cannot be considered permanent.
What should the common man do as petrol and diesel become expensive?
- Avoid taking out the vehicle unnecessarily.
- Use car pooling or public transport.
- Get the car service done on time.
- Keep the tire pressure correct so that you get better mileage.