After petrol, now the price of diesel has crossed Rs 100 per liter. Diesel was sold at the rate of Rs 100.05 per liter in Ganganagar, Rajasthan on Saturday. On Saturday, oil marketing companies increased the prices of petrol and diesel once more. Petrol price in Ganganagar reached Rs 107.02 per liter. Whereas petrol in Delhi was sold on Saturday at Rs 96.12 and diesel at Rs 86.98 per liter.
Petrol-diesel prices increased sharply after the results of the assembly elections
Till a few days before the assembly elections, the prices of petrol and diesel were stable. But after the announcement of the election results of West Bengal, Assam, Kerala, Tamil Nadu and Puducherry, the price of petrol has increased by Rs 5.72 and diesel by Rs 6.25 per liter. Rising crude oil prices in the international market also have a role in the increase in the prices of petrol and diesel. Apart from this, the rates of tax on it are also different in different states of the country. India is the third largest oil importing country in the world. If the import bill of oil increases, it may increase inflation. Along with this, the trade deficit also increases. Due to the increase in the prices of petrol and diesel in the country, the effect on inflation has started showing.
Huge fluctuations in oil prices since the era of Corona
The price of crude oil in the Indian basket had reached $ 71 per barrel on June 10. The Indian basket includes Oman, Dubai and Brent crudes. Since COVID, till now the price of crude in the Indian basket had fallen to $ 19.90 per barrel. This was the price of crude in the Indian basket in April last year. But in May this year, the prices rose to $ 66.95 per barrel. There has been a lot of volatility in the price of crude oil since last one year. Last year, after the worldwide lockdown, the demand for oil had completely decreased. In April 2020, the price of Brent crude had reached a 21-year low. While the prices of US oil futures had reached the negative zone.