The hike in petrol and diesel price in India has become somewhat of a common phenomenon. The prices had remained quite stable for a few consecutive days but a hike was again observed on 27th October 2021. There has been a hike of 35 paise. This has again led to severe concerns among the households. It seems that the prices of these fuels are not getting stabilized anytime soon. The cost of these necessary fuels is higher in the larger cities of the nation.
Increasing Prices In Capital and Financial Capital Of India
According to the news which has been received till now, the price of petrol in Delhi is Rs 107.94 and diesel is being sold at Rs 96.67. The financial capital of India, Mumbai has even higher costs of both. Petrol costs about 113.80 INR in Mumbai whereas diesel is being sold at the value of 104.75 INR. This major hike in prices is indicating a rising economic instability within the nation. The data is available on the website of the Indian Oil Corporation. This also indicates that there will be a huge rise in the value of the LPG gas or cooking cylinders in the nation.
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The Global Prices Of Oil
The petrol and diesel prices vary from state to state in India because of the difference in the value-added tax or VAT. The freight charges also vary from state to state. The central government has already excised duty on auto fuels. This has created a huge impact on the cost of the oil prices, which had fallen in the global market on 27th October. This has created even more confusion among the citizens about the increasing prices in the nation. The inventories which store the fuels have however informed that a small malfunction has led to increased prices. This is quite concerning.
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Petrol And Diesel Prices – A Matter Of Concern
The rising petrol and diesel prices have concerned many economists of the nation. There are people who have been trying to raise questions about the rising fuel prices by the government. Do you think this will be helpful? Let us know!
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