The central government on Wednesday announced a hike in petrol and diesel prices by Rs 3 per litre, effective from midnight. The decision comes amid rising global crude oil prices and is aimed at reducing the burden on the exchequer.
Reason Behind the Price Hike
According to officials, the increase is necessitated by the sharp rise in international crude oil prices, which have surged over the past few weeks. The government has been under pressure to adjust domestic prices to align with global trends.
Impact on Consumers
The price revision will affect millions of vehicle owners and businesses across the country. Petrol and diesel are already at record highs in many states, and this hike will add to the inflationary pressures.
Transport operators have expressed concern, stating that the increase will lead to higher freight charges, ultimately impacting the common man. Opposition parties have criticized the move, calling it a burden on the already struggling economy.
Government's Stance
The Ministry of Petroleum and Natural Gas defended the decision, stating that it was unavoidable due to the volatility in global oil markets. They assured that the government is taking steps to mitigate the impact, including reviewing taxes and duties.
This is the first major price revision in several months, and analysts expect further adjustments if crude prices continue to rise.
