Petrol Diesel Price have been increased by a whopping amount of INR 3.07 and INR 1.09 per liter effective from midnight. As per the statement, the petrol will be available for INR 59.68 and Diesel will be available for INR 48.33 in Delhi. The price of the crude oil in the international market and performance of Rupee against USD are considered the prime reasons for the hike.
The Petrol Diesel Price
It is interesting to understand that crude oil price has been on the lower side in recent years and consumers are yet to get the benefits. Government has increased the excise duty on Petrol and Diesel for five times and the total hikes on Petrol and Diesel are INR 4.02 and INR 6.97 for petrol and diesel respectively. Since November, the government has added additional revenue of around INR 17000 Crores from the hikes. However, benefits have not been transferred to the consumers in form of the Petrol Diesel Price. However, sites like Go Bear have published a whole host of credit cards that can be used for petrol rewards, and you may want to have a look at some if you feel as if you’re currently paying too much for fuel.
Not the End
However, as expected, this should not be the end of hike. Experts predict that the price may touch all time high in coming months. The high excuse duty and increasing price of crude oil can take the petrol and diesel price to all new level. Indian Oil Corporation, one of the largest Oil Companies in India, said that the monitoring on the impact of Rupee and USD is also a matter of subject for the price hike. As suggested by the top Financial Agencies, the difference between Rupee and USD are going to be wider and that can again prompt higher price for Petrol and Diesel. However, it will be interesting to see, how, government ensures that right for the consumers in the difficult situation. It would be also to watch for whether government lowers the excise duty during the price hike and make petrol diesel price under control.