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Reasons Why Petrol Price Hikes

 There are two major reasons for the current hike in fuel prices – rise in international crude prices and higher central and state taxes.



Fuel prices hikes Internationally?



 International oil prices have been on the rise since Saudi Arabia pledged additional voluntary output cuts of 1 million barrels per day under a deal between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+.

Current price of fuel Internationally?



Brent crude, the most widely used benchmark, on Friday rose nearly 1 per cent to USD 67.44 a barrel after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, agreed not to increase supplies in April awaiting more substantial recovery in demand.



 How hikes in Prices affects common people?



  • People with higher spending on travel are already feeling the heat of higher fuel prices.

  • The transportation cost to take vegetables from the farm to the market will increase. This may reflect in the prices of the essential commodities.

  • A direct impact of rising diesel and petrol prices is the increase in what you spend on fuel every month for your daily commute


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