Petrol and Diesel Prices To Increase Soon?

For some time, there had been rumours stating that petrol and diesel prices might be increased. However, the OMCs (Oil Marketing Companies) have kept fuel prices in check over the past few weeks.
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Now, with rising tensions over the Middle East conflict and global crude oil prices shooting up, experts warn that a hike in petrol and diesel prices might be unavoidable in the near future. Moreover, according to recent reports, state-run oil companies have already incurred losses of more than Rs 1 lakh crore in just 10 weeks, trying to keep domestic fuel prices stable. 

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Current Petrol Price – 

To calm this tension, the centre had already reduced excise duty to absorb a part of this burden. The duty on petrol was cut to Rs 3 per litre from Rs 13 per litre, while the duty on diesel was reduced to zero from Rs 10 per litre. This has hit the government’s monthly revenue by almost Rs 14,000 crore. 

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Sources from PTI said that the decision on increasing the prices of petrol and diesel has now become an important call for the government. Moreover, recently, the Indian PM, Narendra Modi, has urged citizens to save fuel by using public transport and reducing unnecessary travel. This call from the centre warns that, due to rising tensions in the Middle East, domestic fuel prices may increase. However, the amount of increase will be the government’s call. Now, we need to wait to hear from the government on any decision to increase fuel prices. That said, we urge citizens not to panic till the government announces anything.