Petrol, diesel prices hiked by ₹3 per litre each

Petrol, diesel prices hiked by ₹3 per litre each The Union government has increased the prices of petrol and diesel by ₹3 per litre each, with effect from 6 am on May 15, 2024. The price hike, which comes into force nationwide, will see petrol in Delhi cost ₹97.77 a litre, while diesel will be priced at ₹99.67. The hike is the third of its kind in the past fortnight, with petrol prices going up by ₹10.05 per litre and diesel by ₹11.45 per litre since May 1. The price revision comes as international crude oil prices continue to soar, affecting India's fuel import costs. The recent price hikes are a result of the continuous rise in global oil prices, which has put pressure on the government to make adjustments to maintain a balance between inflation control and revenue generation. The government had previously managed to keep a lid on fuel prices by imposing cess on crude oil imports. However, with Brent crude prices reaching a six-year high of $123 per barrel, the government was left with no option but to increase fuel prices to prevent further erosion of subsidy funds. The hike has sparked concerns about the impact on inflation, which is already at 7.5% and hovering near a 30-month high. The price hike will have a direct impact on Indian citizens, with common people bearing the brunt of the increase. The hike will add to the existing inflationary pressure and affect households, particularly those with lower incomes, who will have to bear the extra burden of increased fuel costs. Experts and opposition parties have criticized the government for not doing enough to mitigate the impact of the price hike, citing the need for more measures to reduce the burden on consumers. Industry insiders say the hike will lead to higher transportation costs, which may eventually be passed on to consumers. As the government looks to balance its budget and manage inflation, the impact of the price hike on Indian citizens remains a contentious issue. While some argue that the increase will help the government meet its revenue targets, others see it as a burden on the common man. Do you think the price hike is justified, or is it an added burden on Indian citizens? Share your views on RAJNEET and let us know what you think.