On Tuesday, the cost of petrol and diesel continued to irritate the needs of the common man, with prices rising by up to 80 paisa. This is the 13th hike in 15 days.
On Tuesday, April 5, there was a rapid climb in petrol and diesel across the country for the fourth consecutive day. Petrol in Delhi was priced at Rs 104.61 per litre, while diesel was priced at Rs 95.87 per litre, following another 80-paise spike. Today’s petrol price in Bhubaneswar is Rs 111.64 per litre.
Both petrol and diesel prices in the national capital have been raised by Rs 2.80 per litre so far in April. They were lifted by Rs 6.40 per litre last month after nine rises in 10 days when daily adjustments in car fuel costs began on March 22nd after a record 137-day gap. The cost of auto fuel varies from state to state, based on local taxes (VAT) and transport expenses. Apart from that, motor fuels are subject to an excise duty imposed by the federal government.
The average price of benchmark fuel in the worldwide market over the past 15 days, as well as foreign currency rates, are used by OMCs to modify the prices of petrol and diesel daily.
On the global market, oil futures jumped on Tuesday as the US and Europe prepared further sanctions to punish Moscow for alleged war crimes committed by Russian forces in Ukraine, raising fears about supply disruptions, according to Reuters. Meanwhile, Iran’s nuclear talks paused.
According to the article, Brent oil futures increased $1.20 (1.1%) to $108.73 a barrel, while US West Texas Intermediate futures jumped $1.25 (1.2%) to $104.53 a barrel.
Since Russia’s invasion of Ukraine, oil prices have been at an all-time high. Because transportation and fuel consumption are daily necessities for 90% of a country’s population, there is a strong demand for a layperson to figure out the price increase. The question today is to what extent will these rising demand and expense levels attain stability, which is, of course, a truth acknowledged by the uncertainties throughout the world.