In yet another blow to consumers already struggling with increasing living costs, fuel prices have shot up precipitously at present, again putting financial stress on consumers and businesses alike. Fuel prices rising again for LPG cylinder and hotel food prices have kept an eye on daily commuters and businesses as petrol and diesel prices.
Nayara Energy’s fuel outlets experienced a dramatic increase and rise with prices from today. Petrol prices have gone up by ₹5 per litre, diesel has gone up by ₹3 per litre in the recent period.
As price data to calculate GDP from the new taxes show, petrol which was priced at ₹103.16 per litre yesterday has now climbed to ₹108.16 per litre. Similarly diesel rates have jumped from ₹90.99 per litre to ₹93.99 per litre. And all consumers are shocked and have no evidence of sudden jump that is so high to start with.
This is happening at a time when households are already confronted with more expensive costs associated with rising costs associated with cooking gas and the rising cost of eating out. The combined impact will impact overall inflation as transportation costs will impact the prices of essential goods and services (as they will translate into higher inflation).
It has the potential to be a cascading effect for the economy if these high prices stay in view, economists say. Higher fuel prices will be passed through to consumers from logistics, agriculture and retail industry, and so common needs would be more expensive and take longer to meet.
While there was no official clarification on the reason for that sudden price change, global crude prices and currency fluctuations seem to be the major influences driving up domestic oil prices.
For now the consumer is left to handle much of the burden of fuel costs in terms of a percent of monthly budget as fuel costs have taken a larger part of each month’s spending overall. Governments intervene or intervene but the bulk of people are still needing the help of government or even tax enforcement measures to alleviate growing financial strain.
