Crude oil surge or hidden storm? From petrol-diesel to mobile, how your pockets are slowly becoming empty!

Business Desk – Due to global tension and war-like circumstances, crude oil prices have remained high in the international market. These prices have remained above $100 per barrel for many times. Its impact is no longer limited to just the international market, but has reached the pockets of common people through the prices of petrol and diesel in India.

Oil companies (OMCs) have started increasing the prices of domestic fuel, the impact of which is clearly visible on everyday life. From morning commute to household expenses.

Transportation expensive, price of everything increased

In the month of May, oil companies have increased the prices of petrol and diesel several times. This has had a direct impact on those people who go to office or work every day in private vehicles. Due to cost of fuel, not only the travel cost has increased, but it has also affected the freight transportation. Due to cost of transportation, the prices of fruits, vegetables and daily essential items coming in the market have also increased.

Impact on restaurants, hotels and travel also

The effect of inflation is now visible even on eating out and travelling. The prices of commercial LPG cylinders have increased from Rs 1,700 to more than Rs 3,000 in New Delhi. Because of this, hotels and restaurants have increased their menu prices. Due to increase in cost of aviation fuel (ATF), air travel has also become expensive. Many people are having to change or cancel their holiday plans.

Even everyday things became expensive

The effect of crude oil is not limited to vehicles or transport only. Many products like plastic bottles, containers, clothes and household paints depend on petrochemicals. Due to rising prices of crude oil, manufacturing costs have increased, due to which the prices of all these things have also gone up. This is affecting the everyday purchases of every household.

Weak rupee and expensive electronic gadgets

India imports a major part of its crude oil requirement. When crude oil becomes expensive, the country’s expenditure increases and it also affects the value of the rupee.

Due to weakening of rupee, parts of mobiles, laptops and other electronic goods coming from abroad become expensive. For this reason, the prices of gadgets are also increasing and buying them is becoming more expensive for common people.