Decrease in Petrol Price and Diesel Price : Cure or Concern

“Petrol and Diesel will not last for long, save it for your children”

The continuous increase in the price of Petrol and diesel has affected many Indians especially medium classes families. As they are dependent on their own transport for traveling a long distance to earn their fortune.

This increase in the petrol price and diesel price is a topic of concern for many of us. The Petrol price kept increasing for several months lets first look at why the price was increasing rapidly.

Reason Behind Increase In Petrol And Diesel Price :

The union minister of petrol and natural gas said that there is a jump in the prices of crude oil in the International market which leads, India just have to import 80% of the oil we consume.

“There has been a jump in crude oil prices in the international market. One of the main reasons behind the rise in petrol prices in India is that we have to import 80% of the oil we consume,” said Pradhan.

The ministers also blamed the former Prime Minister Manmohan Singh, for leaving oil bonds worth crores for repayment.  Now the current government had to repay along with interests which leads to the increase rate of petrol and diesel.

Sudden Decrement :

Prime Minister Narendra Modi is under increasing pressure to cut high taxes on fuel.

To give relief to consumers, the Finance Ministry on Wednesday announced a Rs 5 per liter decrease in excise duty on petrol and a Rs 10 per liter decrease in excise duty on diesel.

“The increased prices of petrol and diesel is a legacy of UPA’s mismanagement,” BJP’s IT cell chief Amit Malviya had alleged earlier this week.

“We are paying for the oil bonds that will come up for redemption…issued by UPA to oil companies for not increasing retail prices then!” he added to his statement. After all this increment and decrement in the price, today it will be noticed that a liter of Petrol price is ₹97.50 in Delhi, while diesel is retailing at ₹88.23. This is the first cut in central excise duties in over three years.

Though the price of petrol and diesel decreased, any time the price can increase drastically in the near future and all we need to pay attention to the causes and reasons.

Rise in Petrol and Diesel price in Future :

“The prices of petrol and diesel will increase again in the coming months”, says energy expert Narendra Taneja on Thursday.

Mr. Taneja also included in his statement that the price of the crude oil we import from the international market is not in the hands of the Indian government, they can be increased any time, and taking care of that we need to import only 80% to 86% of crude oil in India to meet our needs and in future, it may happen that we need to import lesser % of crude which we automatically increase the price of petrol and diesel in India.

We know that if the price in the international market will increase then the price in India too will suddenly increase in the rate but why the price of crude oil in the international market are increasing drastically?

The main reason behind the increase is the COVID pandemic.

COVID has affected almost everything worldwide and that is why we are suffering so much today.

Conclusion :

After reading the complete article we come to the point that it’s not like welcoming the happy days after sudden decrement on Petrol and Diesel Price but it might be a concern on sudden strike one the prices in near future.

The government might have a strong motive regarding the decrement but how it is going to affect us will be disclosed in near future.

Also, read this article to know if public transport is better than private transport? Click Here