Once again the general public in the country has been hit by inflation. The prices of petrol and diesel have increased by an average of 90 paise per liter from today. This increase has happened at a time when just five days ago, on May 15 (Friday), the prices of petrol and diesel were increased by Rs 3 each per liter. This increase for the second consecutive time has put additional burden on the pockets of consumers.
The main reason behind this rise in oil prices is believed to be the sharp fluctuations in the prices of crude oil in the international market. Uncertainty has increased in the energy market after increasing global tensions, especially the worsening situation between Iran and America, which has had a direct impact on crude oil prices.
According to the information, recently the prices of crude oil were around $ 70 per barrel, but due to international tension and fear of impact on supply, these prices have increased rapidly to beyond $ 100 per barrel. This sudden increase has created a stir in the global oil market.
Oil companies were facing huge pressure due to rising crude oil prices. Due to continuously increasing costs, companies were finding it difficult to maintain the balance of their profits and losses. Due to this pressure, oil marketing companies have decided to increase the prices of petrol and diesel.
Experts say that as long as the volatility in crude oil prices continues in the international market, the possibility of further increase in fuel prices in the domestic market cannot be ruled out. This will not only increase transportation costs, but its direct impact can also be seen on food items, services and everyday needs.
The problems of the common man have increased due to this new wave of inflation. Especially the middle class and small businesses are expected to be affected the most. Prices may go up in many sectors due to rising costs of transportation services, logistics and freight.
Economic experts also believe that if international tension does not subside and crude oil prices remain at this level, then petrol and diesel prices may increase further in the coming weeks.
At present, consumers across the country are troubled by the continuously rising fuel prices and are keeping an eye on the next announcement from the government and oil companies.