The general public in the country has once again been hit by inflation. The increase in fuel prices which was being feared for a long time has now proved to be true. A sudden increase in the prices of petrol and diesel was recorded on May 15, which is likely to have a direct impact on the everyday life of common people.
According to the new change, the price of petrol has been increased by Rs 3.14 per liter and that of diesel by Rs 3.11 per liter. After this increase, fuel rates have once again reached new levels in many parts of the country, due to which the fear of increase in the cost of transport and other essential services has deepened.
This increase in fuel prices is not limited to vehicles only, but it has a direct impact on the entire economy. Due to increase in transport expenses, transportation of vegetables, milk, ration, medicines and other daily use items becomes expensive. Due to this, the prices of these goods also start increasing in the market.
Apart from this, its impact can also be seen on online delivery services, cab and auto rentals, bus travel and logistics sector. Experts believe that when fuel becomes expensive, its “chain reaction” affects the household budget by the time it reaches the common consumer.
According to economic experts, this increase in fuel prices could further increase inflationary pressure, especially for those families who are already struggling with rising prices. This is also likely to put additional burden on small traders and people involved in transportation business.
At present, people are hopeful that in the coming days some steps will be taken by the government or oil companies to stabilize the situation. However, the current increase has definitely increased the concern of the common consumer and its impact on the monthly household budget is certain to be visible.
