Fuel prices hiked in India again

The oil companies have hiked the price of petrol by 70 paise and diesel by 50 paise with effect from Thursday. The hike in the price of crude in the international market caused the hike in the fuel prices in India. The depreciation in Rupees against US dollar was also another reason behind hike in the fuel prices in India.

The petrol and diesel prices were hiked around six times in last six months and thanks to the government effort which deregulated the petrol and diesel prices leaving companies to adjust price according to market conditions.

Customers need to pay more the petrol and diesel from Thursday and that would sure going to affect their household budget. The hike in the diesel price would have cascading effect on the other goods and services; those are being largely depending on transportation.

The energy (petrol and diesel) is now one of the essential goods and services in the country and become basic need for the people unlike earlier it was tagged as luxurious goods.

There should be hike in the prices as per the international market rate but the interest customers should also be taken care of. Few months back the government had slashed the price of petrol and diesel price by huge margin.

The price of petrol was increased by around Rs.8 since last three months in the country. It is noteworthy that the government slashed the price by Rs.5. So the hike is clearly evident that the huge cut once the customers witnessed.

On the contrary the government should normalize or cut the tax on the petrol and diesel to give some relief to the citizens in the country.