Petrol and diesel prices have been hiked once again today. Petrol has become costlier by 35 paise and diesel by 18 paise in the capital Delhi today. After this increase, petrol is being sold at Rs 99.51 and diesel at Rs 89.36 per liter. Earlier on July 2 also, the price of petrol was increased. Petrol in 16 states of the country and diesel in 3 states has crossed Rs 100 per liter.
This was the 16th increase in fuel prices in June. In the capital Delhi, petrol became costlier by Rs 4 58 paise and diesel by Rs 4 by 02 paise in June. Earlier in May also, the prices of petrol and diesel were increased 16 times.
Petrol has reached Rs 100 per liter in 16 states of the country. Petrol has reached Rs 100 in all districts of Madhya Pradesh, Andhra Pradesh, Bihar, Maharashtra, Karnataka, Manipur, Telangana, and Rajasthan. At the same time, petrol has crossed Rs 100 a liter in many places in Jammu and Kashmir, Punjab, Orissa, Chandigarh, Tamil Nadu, Kerala, West Bengal, and Ladakh. On the other hand, when it comes to diesel, it has gone above Rs 100 in Orissa, Rajasthan, and Madhya Pradesh.
On January 1 this year, petrol was at 83.97 and diesel at 74.12, which is now at Rs 99.51 and Rs 89.36 per liter. That is, petrol has become costlier by Rs 14.84 and diesel by Rs 14.77 in 6 months. So far in June, petrol has become costlier by Rs 4, 23 paise and diesel by Rs 3 by 74 paise.
OPEC countries met this week. In this, a decision was to be taken on increasing the production of crude oil during the coming August to December. But no decision could be taken even after the meeting which lasted for 11 hours. At the close of the market on Friday, Brent crude settled at $ 76.17 per barrel, which is $ 0.33 higher than the day before. Similarly, US West Texas Intermediate or WTI crude there ended lower by $ 0.07 at $ 75.16 per barrel.
Ajay Kedia, director of Kedia Commodity, says that in October 2018, crude oil had reached $ 86. The same trend seems to be happening once again after 3 years. In such a situation, by the end of this year, crude oil can once again go up to $ 86. In such a situation, there is no hope of getting relief from the rising prices of petrol and diesel in the coming days.
Ajay Kedia says that economic activities have opened up due to the steady decline in new cases of corona across the world and the increasing pace of vaccination. Due to this, the fuel demand is increasing rapidly. As a result, the price of crude oil is skyrocketing. The dollar index has strengthened on indications that the US Fed will raise interest rates soon, due to which the rupee has weakened. We import more than 80% of our crude requirement and we have to pay in dollars to buy it. In such a situation, the cost of crude oil is increasing due to the weakening of the rupee.
If you start getting petrol and diesel at half the price, then your happiness will not be there. This can be possible if petrol and diesel are brought under the purview of GST. However, the government is in no mood to do so. If this happens, then it will reduce the tax revenue of the government. If GST was implemented on petrol and diesel at this time, then petrol would be selling around Rs 84 and diesel 777 per liter.
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