Fuel prices have been hiked for the third time in the last eight days, impacting consumers across the country. In Bengaluru, the price of petrol has risen to Rs 108.09 per litre, up from Rs 107.14 per litre recorded on Friday. Similarly, diesel prices have increased from Rs 95.04 per litre to Rs 95.99 per litre.
Details of the Price Revision
The latest revision marks the third increase in fuel prices within a span of eight days, adding to the financial burden on commuters and businesses. The hike applies to petrol, diesel, and CNG, though CNG price changes vary by region.
Impact on Consumers
With petrol crossing the Rs 108 mark in Bengaluru, daily commuters are feeling the pinch. Auto-rickshaw drivers and cab operators, who rely heavily on CNG and petrol, have expressed concern over rising operational costs. Many are considering fare adjustments to offset the increased expenses.
Reasons Behind the Hike
Oil marketing companies revise fuel prices daily based on international crude oil prices and currency exchange rates. The recent surge in global crude oil prices, coupled with a weaker rupee, has led to consecutive price increases. Analysts expect further hikes if crude prices remain elevated.
Government Response
So far, the government has not announced any intervention to reduce fuel taxes. State-level value-added tax (VAT) and central excise duty constitute a significant portion of the retail price. In Karnataka, the state government has not reduced VAT despite repeated demands from opposition parties and consumer groups.
What Lies Ahead
Experts suggest that fuel prices may continue to rise in the short term. Consumers are advised to plan their fuel purchases accordingly. Meanwhile, the push for electric vehicles and public transport adoption may gain momentum as fuel costs escalate.
