Indians face fuel price hike

The global hike in the price of fuel can be the first challenge for the upcoming government. Who so ever wins the Indian general election 2019, has to take note of it. Domestic price has hiked a lot. So, the citizens are highly worried about this. As India is an oil dependent nation, as the price of petrol rises, the value of Indian rupees weakens.
As the price increases, so is the duty and interest rate. So, ultimately more rupee is invested for the same amount. But due to the future plans, the fuel suppliers and retailers have increased the price from 11 April, which will end on May 23, in the name of election. The delay in the price rise would be adjusted as the election gets over. It may lead to further increase of fuel price to compensate the loss during the election period.
In some developed countries of Asia, like South Korea and Japan, the price of the pump is frequently adjusted according to the requirement. So, they mainly move in flow with the International crude prices. The same thing was going to implement in India, but due to the Indian general elections, the prices of the pump had been remain unchanged for a long period of time. In New Delhi, the prices of crude oil has gone upto nearly $9 a barrel, the price of gasoline lines have been risen upto ₹0.47 per litre, approximately 0.6%.
The fuel suppliers have declined to say anything about the price hike. They are not disclosing anything whether the Supremo of India, Narendra Modi has put some pressure on them to rise the fuel prices. Indian National Congress said that the Bhartiya Janta Party is violating it’s own principles.
The government is not revising the daily price and is also telling the state companies to hold the price steadily. “The government should reduce fuel taxes otherwise consumers will have to pay much higher oil prices once the elections are over,” said Akhilesh Pratap Singh. He is the senior leader of the Indian National Congress.
“Consumers should be ready for a rude shock of a massive jump in retail prices, similar to the level we have seen in the Karnataka state election,”said Goyal. As the general elections is going in the country, the fuel prices have remain unchanged.” The global price of the petrol rose to the highest level on Thursday. Just after the Government of United States told that all the Iran sanction waivers would end by May.Now, United States is also pressurising the Chief importers including India to stop buying oils from Iran. CARE warned that if the petrol price increase by 10% in globe, it would lead to a huge pressure on Indian rupee. Economists are worried that continuous increase in the price of petrol in the range of $70-75 per barrel can move the Indian National rupees down by 3-4%. The Indian rupee had gone down upto 1.24% against the dollar since mid-March.

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