Petrol Diesel Price Hike | The price of petrol has gone up by Rs 5 and diesel by Rs 3, a big blow to the common man

Petrol Diesel Price Hike | The economic impact of the ongoing war between Iran and Israel in the Middle East is slowly starting to affect our India. The country’s largest private fuel retailer, Naira Energy, has hiked petrol and diesel prices by up to Rs 5 per litre. Importantly, these prices have been increased with immediate effect from today. Due to this, the common people of the country have suffered a lot.

Bikers have queued up at the petrol pump due to the fear that there is already a petrol stock (Petrol Diesel Price Hike) in the country. Meanwhile, companies like Naira Energy have increased the price of petrol by Rs 5 per liter and the price of diesel by Rs 3 per litre. Due to local taxes (VAT) in various states, petrol has gone up to Rs 5.30 per liter in some places. Naira rates are going to be somewhat higher now compared to state oil companies IOC, BPCL, HPCL.

Naira Energy has around 6,967 petrol pumps across the country. Unlike state-owned companies, private oil companies do not receive any compensation from the government for their losses. In this situation, the burden of skyrocketing crude oil prices in the international market now falls directly on the common man. Petrol Diesel Price Hike

The crisis deepened after military attacks on key energy infrastructure in Iran and Qatar. After this, crude oil prices in the global market reached a dangerous level of $119 per barrel. These attacks have caused serious disruptions in the supply chain. The same effect is seen on the price of petrol and diesel. Due to this decision of the private companies, now there is a possibility of creating pressure on the state-owned oil companies to increase the rates. The possibility of increase in petrol prices of IOC, BPCL, HPCL in the coming time cannot be ruled out.

However, Sujata Sharma, Joint Secretary, Ministry of Petroleum and Natural Gas has assured that refineries in India are working at full capacity. India has secured its supply and now 70 percent of its oil comes from West Africa, Latin America and the United States, the government says.