Petrol-Diesel Price Hike: Triple Attack of Inflation, Commercial Cylinders, ATF Now Petrol-Diesel Price Hike
Petrol-Diesel Price Hike: The inflationary shock hits the common man and that too hard. Even now, on the very first day of the new financial year, consumers are facing a triple attack of inflation. First there was a hike in the prices of commercial LPG and then ATF, and now petrol diesel is going to hit the mark. Prices of premium petrol and diesel have also been hiked. It will affect the daily life of the consumers and as a result will put a strain on the common man’s pocket.
Petrol and diesel prices increased
State-owned oil company ‘Indian Oil Corporation Limited’ has increased the price of ‘XP100’ petrol by ₹11 per liter in Delhi. Due to this increase, the price of petrol has reached ₹160 per litre. XP100 is IOC’s 100-octane petrol variant, mainly used in high-end luxury cars and superbikes. Additionally, the price of premium diesel, known as ‘Extra Green’, has been increased to ₹92.99 per liter from ₹91.49.
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What effect on regular petrol diesel?
The ongoing conflict in the Middle East has been going on for the past month. As a result, the supply of crude oil has been limited. This has led to a steep rise in crude oil prices. Prices had reached close to the $120 per barrel level and are currently trading around $104 per barrel. However, there has been no change in regular petrol and diesel prices.
The triple whammy of inflation
Last week, the central government had cut excise duty on petrol and diesel by ₹10 per litre. As a result, the tax on petrol was reduced to ₹3 per litre, while the tax on diesel was completely abolished. Therefore, it is wrong to expect any immediate relief from this decision; Because this decision has been taken mainly for oil companies. The main objective of this is to help these companies recover from financial losses. Hence there will be no difference in rates.
A triple attack of inflation on the first day of the new financial year
* Commercial LPG prices hiked by ₹195.5.
* ATF prices crossed the ₹2 lakh per kiloliter mark for the first time.
* Prices of premium petrol and diesel have also been hiked.
* XP100 petrol has become more expensive by ₹11 per liter in Delhi.
Earlier, oil marketing companies had hiked the prices of commercial LPG cylinders. In Delhi, the price of a 19-kg commercial cylinder has increased by ₹195.5. In less than a month, the price of these cylinders has recorded a total increase of more than ₹300. Similarly, the price of ATF in the country has crossed the ₹2 lakh per kiloliter mark for the first time. So all this is going to affect the matches for sure!
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