After a long time, a big change has been seen in fuel prices in India. After a gap of about four years, the prices of petrol and diesel have been increased by Rs 3 per liter, while the price of CNG has also been increased by Rs 2 per kg. The new rates have been implemented from May 15.
The effect of this sudden increase in prices was clearly visible at fuel stations across the country, where long queues were formed since morning. At many places, people turned to petrol pumps late at night and early in the morning to fill their tanks even before the increase was implemented.
According to sources associated with the energy sector, this decision has been taken due to fluctuations in crude oil prices in the international market and supply pressure. Also, increase in transportation and logistics costs is also being considered a major reason for this amendment.
Experts say that this change in fuel prices can directly affect inflation, because due to increase in transportation cost, there is a possibility of increase in the prices of daily use items.
The increase in CNG prices is expected to put additional burden especially on taxi, auto and commercial vehicle drivers. At the same time, concern is being seen among private vehicle users regarding this decision.
Sources associated with the government and oil companies say that the price revision has been done under the market-based system, which takes into account international crude oil prices, dollar-rupee exchange rate and other economic factors.
Here, in view of the crowd at fuel stations, additional staff have been deployed at many places to maintain security and order. There have also been reports of petrol pumps being kept open till late night in some cities.
At present, after this increase, the discussion regarding the increasing expenditure on the general public has intensified and all eyes are fixed on the stability of the fuel market in the coming days.