The third increase in petrol and diesel prices within 10 days has created panic across the country. Amidst the Middle East crisis, crude oil inflation and decisions of government oil companies, a big question is now arising – will fuel prices cross Rs 100 and start a new inflation wave?
New Delhi: Saturday morning brought a big shock for crores of middle class families and motorists of the country. Government oil companies have once again increased the prices of fuel, directly hitting the pockets of the general public. This is the third time within the last 10 days that the prices of petrol and diesel have shocked the common man. The direct impact of the turmoil in global politics is now visible on the budget of every household in India.
Saturday morning and that scary new figure…
As soon as the digital screens of petrol pumps changed on Saturday morning, consumers were shocked. After this latest increase, the price of petrol has been increased by 87 paise per liter and the price of diesel by 91 paise per liter. This seemingly minor increase has taken fuel prices to a new psychological level across the country including Delhi. Now the price of petrol in the country’s capital New Delhi has increased to Rs 99.51 per liter, which is just a few paise away from the figure of Rs 100. At the same time, diesel, which is considered the backbone of freight transportation and public transport, has now reached the level of Rs 92.49 per liter. This news was no less than a big shock for the people who go to office early in the morning.
That ‘Black Friday’ of 15th May and the process of destruction started
The story of this entire crisis is only 10 days old. Before May 15, everything seemed calm, but behind the scenes the oil companies were preparing for a big decision. On May 15, suddenly the government oil companies decided to gradually pass the burden of rising crude oil prices directly on the consumers. A huge lump sum increase of Rs 3 per liter was made that day, which shook the market. After this, the public could not even recover and on May 19, it was again hit by 90 paise. And now, after this third increase on Saturday, fuel prices have increased by almost Rs 5 per liter in just 10 days. This pace is an indication that the coming days may be even more difficult.
That dreadful truth of Middle East, which spoiled India’s game
After all, what forces are working behind this sudden destruction? The answer lies in the troubled deserts and seas of the ‘Middle East’, thousands of kilometers away from India. The geopolitical conflict that has been going on in the Middle East for some time has now reached a very dangerous point. Due to the ongoing tension in this region, the global oil supply chain has been badly affected, due to which the prices of crude oil are skyrocketing in the international market. India imports more than 80% of its crude oil needs, so the heat from the fire there is directly reaching the pockets of Indian consumers.
Will petrol cross the ‘century’? Suspense of the coming days…
If the Middle East crisis is not resolved soon, petrol in Delhi will very soon cross the historical figure of Rs 100 per liter. Rising diesel prices will make freight transportation expensive, due to which even everyday essential commodities like fruits, vegetables, milk and ration may become expensive in the coming days. The country is currently standing at the edge of a major inflationary cyclone, and everyone is just praying that the next shock does not come so soon.