In what comes as a relief for consumers, fuel prices have remained unchanged for the third consecutive day in the country. Prices for petrol and diesel at the national capital stand at Rs 80.43 and Rs 8..78 per liter, respectively.
Prices of fuel stood sans changes for a week before diesel prices saw a Rs.025 increase on Tuesday last. Petrol prices however, remain unchanged across the country.
As is, Delhi is the only city in the country where diesel is more expensive than petrol, and has remained at a higher cost per liter since 24 June.
State owned oil marketing companies are of the opinion that diesel prices are more volatile in international markets, and this has resulted in an increase in prices.
Analysts say that global oil prices are expected to rise to USD 42 (roughly Rs 3,234) per barrel, something that will affect fuel prices across the country. Expectations are that the cost per liter of both petrol and diesel will increase over the next few days.
Prices of petrol and diesel rose to record levels for 23 consecutive days after companies like Indian Oil, Hindustan Petroleum, and Bharat Petroleum resumed operations after an almost 90 day hiatus caused by the Covid-19 pandemic and the subsequent lockdown that was called for.
This increase in petrol prices have had negative effects on the road transport industry. The All India Motor Transport Congress (AIMTC) has recently said that over 65 percent of trucks in the country were sitting idle because of the increasing fuel costs.
The AIMTC highlighted that increasing diesel prices, corruption at State Border Check Posts, and no support packages from the government has made operations difficult for most truck owners and drivers.
In addition, increasing fuel prices have had some impact on those who buy smaller commercial vehicles like three-wheelers and intra-city commercial vehicles.
Thoughts About Fuel Prices Staying Steady For Three Consecutive Days
This is great news for the masses. A large number of people consume fuel in order to earn a living, and the ever increasing prices make things difficult. Increasing fuel prices also brings inflation to other elements of the economy. We think the government needs to address this situation soon.