Rising prices of petrol and diesel have made the common man in bad condition. Today their prices have increased for the fourth time in this month. Petrol in the country's financial capital Mumbai has reached Rs 101.52 per liter. With this increase, now the price of petrol has crossed Rs 100 in 6 states of the country. At the same time, the price of diesel has also reached close to Rs 100.
Talking about Delhi, petrol has become costlier by 28 paise to 95.31 and diesel by 27 paise to Rs 86.22 per liter. So far this month, petrol has become costlier by Re 1 8 paise and diesel by Re 1 by 7 paise.
Petrol has reached Rs 100 per liter in 6 states of the country. Petrol has reached Rs 100 in all districts of Madhya Pradesh, Andhra Pradesh, Maharashtra and Rajasthan. At the same time, in many places in Telangana and Ladakh, petrol has crossed Rs 100 a liter.
Talking about the month of May, the price of petrol and diesel increased 16 times in this. Petrol has become costlier by Rs 4.11 and diesel by Rs 4.69 during this period. Before this month, petrol was selling at Rs 90.40 and diesel at Rs 80.73 per litre.
Talking about this year, on January 1, petrol was at 83.97 and diesel at 74.12, which is now at Rs 95.31 and Rs 86.22 per liter. That is, petrol has become costlier by Rs 11.06 and diesel by Rs 11.83 in less than 5 months.
In neighboring Pakistan, petrol is available for Rs 52 a liter. Although petrol and diesel are not expensive in our country, but after the tax is imposed by the government, it becomes very expensive. In our country, the base price of petrol and diesel is still around Rs 33. But the central and state governments tax it and bring it to Rs 100.
On this, the central government is charging Rs 33 excise duty. After this, the state governments charge VAT and Cess on their own, after which their price has increased up to 3 times the base price. Talking about Pakistan, there is a total tax of Rs 21.04 per liter on petrol. Whereas in India more than Rs 54 is taxed.
The US economy has almost opened up. Along with this, life is returning to normal in European countries as well. This is increasing the demand for petroleum products. This is the reason why crude oil prices are rising these days. Brent crude has reached $ 71.57 per barrel in the US market.
According to Anuj Gupta, Vice President (Commodity & Currency), IIFL Securities, crude oil prices may cross $73 per barrel by the end of this month. Due to this, petrol and diesel may become more expensive in the coming days.
The demand for crude oil has increased due to the opening of lockdown in many countries. Apart from this, the ban imposed on Iran for exporting crude oil does not seem to be lifted. Due to this also the price of crude oil is increasing continuously. India stopped importing oil from Iran from mid-2019 following the sanctions imposed by the then Trump administration on Iran.
In the last month i.e. April, the indicator of wholesale inflation rate i.e. Wholesale Price Index (WPI) has been 10.49%. Whereas in March it was 7.39%. According to the latest data from the Ministry of Commerce, WPI has increased by 3.1% in a month. The ministry's statement said that the wholesale prices of commodities are increasing due to expensive crude petroleum and mineral oils i.e. petrol and diesel.
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