The sudden rise in prices of LPG cylinders amid skyrocketing prices of petrol and diesel has hit the common man with inflation. However, it is not expected to bring relief soon.
Energy experts say that there is no hope of any relief from high fuel prices as the price of crude oil continues to rise in the international market. In the coming time, the price will go up as demand increases.
Rise in crude oil due to increase in demand
Anuj Gupta, vice president (commodities and research), Angel Broking, told Hindustan that Brent crude oil has reached a psychological level of $ 63.50 a barrel in the international market due to reduced supply by OPK countries and increased demand globally. Since January 1, the price of crude oil has risen by about 20 percent. Crude oil can go up to $ 75 per barrel by April. This will further increase the price of LPG including petrol and diesel in the Indian market.
Four rupees deducted
Energy expert Narendra Taneja said that it is necessary to provide relief to the common man from the rising fuel prices amid the Corona crisis. I believe that there is a lot of scope to cut their prices by four rupees now. It will not affect anyone. The central and state governments together cut the excise duty by one rupee and petroleum companies will have to cut the rupee by two rupees. This deduction will not affect anyone’s financial health.
It will be difficult to bring the economy back on track
The country’s famous economist, Arun Kumar, said that rising fuel prices will not only spoil the budget of the house but will also hamper the economy on its way back on track. This will be because the burden on the common man will increase due to rising fuel prices. He will have less money to spend. This will reduce market demand, which is most needed to revive the economy from the Corona crisis. Supply will also be affected due to reduced demand. To avoid this, the government should now insist on increasing demand. It is necessary to take measures for how more money comes to the common man.
These no longer possible relief for five reasons
: 1. Apek and reduce production of crude oil by partner countries shall not be less than the price
2. decreases case of Corona and growth in oil demand stimulus by governments Package
3. US President Joe. Biden signs down on US crude oil production
4. Dollar weakness against most currencies also supports crude oil
5. Crude oil continues to grow due to the ongoing geopolitical tensions around the world
At Rs 89 in Delhi, petrol
retail prices in the country reached a new high on Monday , close to a century in Rajasthan . Petrol in Delhi reached Rs 89, while in Rajasthan it has reached the threshold of hitting a century. According to the price notification of the government oil marketing companies, on Monday, the price of petrol increased by 26 paise per liter and diesel by 29 paise per liter. Due to this, the price of petrol in Delhi was Rs 88.99 per liter and the highest rate so far in Mumbai was Rs 95.46 per liter. Diesel rate was Rs 79.35 per liter in Delhi and Rs 86.34 in Mumbai.