In the midst of the Corona epidemic, the common man is facing the cost of inflation due to the continuous increase in petrol prices. Petrol has become expensive for the 9th time this month. However, there has been no change in the rate of diesel. The price of petrol is being sold at Rs 101.84 per liter at the Indian Oil (IOC) petrol pump in Delhi on Saturday. At the same time, the price of diesel remains stable at Rs 89.87 per liter. Earlier on Thursday, petrol was increased by 35 paise and diesel by 15 paise per liter.
Petrol consumption in the country has crossed the pre-Covid level. The main reason for this is the vehicles coming on the roads after the easing of lockdown restrictions. According to the data released on Friday, in the first 15 days (fortnight) of July, petrol sales increased to 10.3 lakh tonnes, which is 3.44% higher than the same fortnight of pre-Covid i.e. 2019. With the onset of the second wave of Corona in April this year, the demand for fuel started declining.
According to a report by the Economic Branch of the State Bank of India (SBI), due to the high expenditure on petrol and diesel, people have to cut back on health needs. According to the report, the expenditure on petrol and diesel has increased by 13%.
An analysis of SBI card spending has shown that to deal with the increased prices of petrol and diesel, people have reduced spending on other services including grocery, health services, due to which the demand for these products has also declined. According to the report, out of the money kept for non-essential expenditure, the expenditure on petrol and diesel increased to 75% in June 2021. Whereas in March this year it was 62%.
Oil marketing companies fix the rates of petrol and diesel daily after reviewing the prices. Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the rates of petrol and diesel at 6 am.
You can also know the rate of petrol and diesel through SMS. Indian Oil customers will have to send the RSP space petrol pump code to 9224992249 and BPCL consumer RSP to 9223112222 number. At the same time, HPCL consumers can know today's price by sending 'HPPrice' to the number 9222201122.
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