Fuel Price hiked again...! 7th hike in eight days..!?

Sowmiya Sriram
Fuel Price hiked again...! 7th hike in eight days..!?
In india, petrol and diesel prices have remained the same for more than 130 days. In this context, petrol and diesel prices have been rising for the 7th time in the last 8 days following the release of the results of 5 state assembly elections. In this situation, petrol and diesel prices have increased in chennai even today. petrol price today rose by 76 paise to Rs 105.94. diesel price has been hiked by 67 paise to Rs 96 per liter. In the last eight days, petrol prices have risen by Rs 4.54 and diesel by Rs 4.57.
Earlier, experts had predicted that petrol and diesel prices would go up by Rs 15 per liter. petrol and diesel prices are likely to rise further this week as oil companies prepare to offset losses by keeping petrol and diesel prices stable for more than four months. petrol and diesel prices are likely to rise this week as oil companies prepare to offset losses from more than four months of assembly elections in five states, including Uttar Pradesh, in defiance of international crude oil prices.
The price has risen to $ 140 per barrel, the highest in 13 years. industry sources said that the fuel price should be increased by Rs 15 per liter to equalize the fuel retailers.Oil prices have already risen more than 60 percent this year. A further weaker rupee could affect the country's finances, boost new economic recovery and stimulate inflation.
 From 2017, fuel prices will be adjusted daily in line with international prices. But there has been no change in petrol and diesel prices since november 4, 2021. 
According to the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of oil, crude oil purchased by india on march 1 rose above $ 111 a barrel.The price of a barrel of indian crude oil averaged $ 81.5 when petrol and diesel prices did not rise four months ago.
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