In India today, petrol and diesel rates began to increase for the seventh successive day. The cost of petrol rose by 29 paise per litre and the cost of diesel by 19 paise per litre. If the last seven days are taken into account, then the price of petrol has increased by 1.88 per liter and the price of diesel by 1.50 per liter.
Petrol is now at an all-year high in India, with diesel being the biggest in the last few months. The cost of petrol has never been as costly since the end of November 2018, when it hovered around the year 1974 (Delhi). The diesel price was around 69 (Delhi) at that time.
Petrol and diesel rates have been increasing continuously for the last 7 days since September 17. If the July post-budget increase is not carried into consideration, this increase would have been the largest daily increase in gas rates since 2017, according to the study.
The recent round of cost hikes is the immediate impact of a rise in wholesale petroleum prices following an assault on Saudi Arabia’s petroleum installations, which killed more than 5% of the world’s petroleum production.
Oil prices raised today after Iran advised that the existence of US troops in the Gulf caused unrest in the region. Brent crude rose as much as 1.9 percent after leaping 6.7 percent last week, the largest annual increase since January.
Given the pattern in petrol prices, gas prices are probable to proceed to rise in India in the next few days as well. India exports more than 80% of its petroleum demands. State-run distributors solve petrol prices on the basis of a complicated 15-day, median global benchmark method.
The exchange rate of the US dollar and rupee is also a major variable in the determination of retail rates for petrol and diesel. Any increase in dollar prices leaves exports of petrol more expensive for India. After a decline of about 1.65 per cent so far this year, the rupia traded at 71.98 per dollar, down from Friday’s near of 70.95.