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As the Assembly Polls concludes, Fuel prices are likely to hike by Rs 6

Fuel Prices

It’s time again that the common man has to bear the consequences of fuel price hikes. This news could be announced soon as the assembly election ends. As the global benchmark crude oil price touched $139 per barrel, this is the highest price since July 2008, along with state assembly polls coming to a conclusion on Monday. The government in power might let the companies increase the fuel prices moderately. The prices could escalate anywhere near Rs 5-6 per litre bit by bit to soften the impact with retailers absorbing the enduring losses, sources said. Petrol diesel prices need to be increased by Rs 15 a litre for fuel retailers to break.  According to the reports JP Morgan said” We expect a combination of small excise duty cuts which are Rs 1-3 per litre and retail price surges up to Rs 5-8 a litre, this reflects the pass-through of USD 100 per barrel oil. 

Before oil companies begin their daily prices alteration, Pulling up since November 2021. There is an opinion that the retailers might have asked the poll results are out on March 10 and the government formed.  In proportion to instruction from the petroleum Planning and Analysis Cell (PPAC) of the oil, the ministry said that the basket of crude oil that India buys rose above USD 111 per barrel in March1. 

In the preceding 15 days, fuel prices are to be adjusted in line with the benchmark international rate. But the rates have been preserved since November 4, 2021.  An Industry official said,” with the last stage of polling ending on Monday, it is now contemplated that the government will allow state-owned fuel retailers to return to daily price version”.  Meantime, as the Russia-Ukraine Conflict intensified, the rupee buzzed to its lowest at almost 77 against the dollar on Monday. Relatively on Friday, the convertible rupee was trading at 76.92/23 per dollar, after a poignant of 76.96 its weakest level ever, and closed at 76.16. 

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