In recent weeks, the price of gasoline in retail sectors has continued to grow after continuously increasing since March 22. In order to compensate consumers who are experiencing quickly rising fuel expenditures, the price of gasoline has been squeezed even more.
The increase in gasoline costs continues to startle consumers, but they are no longer shocked since they have gotten several warnings about the increase in pricing. The price of roughly 80 paise was raised on a daily basis, much like an alarm clock that was snoozed in the morning, leaving the general people perplexed and baffled.
Petrol prices will rise in accordance with the previous 15-day record set by oil marketing corporations regulated by the government, with the new prices taking effect at 6 a.m. on Monday, April 15.
All days, with the exception of Sunday, are in local time. Meanwhile, retail gasoline and diesel prices have remained steady for the last 137 days, but the costs of fuel for bulk users and aviation turbine fuel have continued to rise at an alarming rate.
The consequence is that the oil marketing company (OMC) has adjusted the price of gasoline 13 times in the previous 15 days, with each adjustment resulting in an additional daily tax of 80paisa being applied for every adjustment. According to official figures, the price of a litre of gasoline, which costs 920 rupees, increased by 9.20 rupees on the 5th of April?
Because the retail price of gasoline and diesel in India is related to the price of oil on the international market, Russia’s invasion of Ukraine has had an influence on the retail price of gasoline and diesel in India, as well as the price of oil on the international market. The battle resulted in Brent crude oil prices surpassing $100 USD per barrel for the first time in 2014 as a result of the fighting.