Hindustan Petroleum Ups Prices Across India
Petrol and diesel prices increased by up to 80 paise per litre
The increase in fuel prices is the steepest in over two months
State-owned oil marketing companies on Tuesday increased the prices of petrol and diesel across the country. In Delhi, the price of petrol was hiked by 80 paise per litre to Rs 96.72, while diesel became costlier by 79 paise to Rs 89.62 per litre.
This is the steepest increase in fuel prices in over two months. The previous hike was on November 4, when petrol and diesel prices were raised by 35 paise per litre each.
The increase in fuel prices is likely to add to the burden of common people, who are already grappling with rising inflation. The price of petrol has now increased by over Rs 10 per litre in the past one year, while diesel has become costlier by over Rs 8 per litre.
The government has not yet announced any measures to cushion the impact of the fuel price hike on the common people. However, it is expected that the government may consider providing some relief in the upcoming budget.
Reasons for the fuel price hike
There are several factors that have contributed to the recent hike in fuel prices. These include:
- Rising global oil prices: The price of crude oil has been rising in recent months due to increased demand and supply disruptions. This has led to higher input costs for oil marketing companies.
- Weaker Indian rupee: The Indian rupee has been depreciating against the US dollar in recent months. This has made it more expensive for oil marketing companies to import crude oil.
- Higher taxes: The government has been increasing taxes on petrol and diesel in recent years. This has added to the cost of fuel for consumers.
Impact of the fuel price hike
The fuel price hike is likely to have a significant impact on the economy. It is likely to:
- Increase inflation: The fuel price hike is likely to lead to higher transportation costs, which will in turn push up the prices of goods and services.
- Reduce economic growth: The fuel price hike is likely to reduce disposable income for consumers, which will lead to a slowdown in economic growth.
- Increase poverty: The fuel price hike is likely to disproportionately affect the poor, who spend a larger share of their income on transportation.
Conclusion
The fuel price hike is a major concern for the government and the common people. The government needs to take urgent steps to address the issue and provide relief to consumers.
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