Rising petrol prices are a topic of global discussion. While crude oil prices are climbing, the resulting burden on the public is becoming increasingly evident. Recently, petrol prices rose in Pakistan, and reports indicate that the US has followed suit. However, there have been no announcements regarding a hike in petrol prices in India so far; fuel rates in the country remain unchanged.
Amidst the tensions between the US and Iran, crude oil prices have been steadily rising, reaching approximately $90 per barrel. This surge is placing a heavy financial burden on the public. Reports confirm that the US has once again raised petrol prices. After an increase in March, prices are climbing again. Although there was a brief easing of rates when news of a potential agreement between the US and Iran emerged, renewed tensions have driven prices back up, impacting consumers.
Petrol at 310.71 Pakistani Rupees per Liter
In Pakistan, petrol prices saw a hike just a few days ago. The price of petrol has risen to 310.71 Pakistani Rupees per liter, whereas India is currently seeing some relief regarding fuel costs; there have been no recent hikes in the prices of petrol, diesel, or CNG in India.
Regarding the Pakistani government’s pricing, the cost of petrol has been raised by 13.18 Pakistani Rupees per liter, while the price of diesel has increased by 13.80 Pakistani Rupees per liter. Consequently, the price stands at 310.71 Pakistani Rupees per liter for petrol and 323.30 Pakistani Rupees per liter for diesel.
Where has the petrol price crossed the 150 mark?
There are places where the price of petrol has not just crossed the ₹100 mark but has soared past ₹150. From South Africa to Belgium, petrol prices have exceeded ₹150 per liter, reaching levels between ₹150 and ₹200. Meanwhile, in Ukraine, the price has risen to ₹160.85, and in Spain, it has reached ₹170.
Could petrol prices rise in India?
As mentioned earlier, petrol prices in some regions have surged beyond ₹150. Regarding India, if the conflict between the US and Iran persists, it is estimated that the impact will be felt globally, including in India. Given the prevailing international tensions, a prolonged conflict could drive up inflation domestically in India, directly affecting the pockets of the common people. The closure of the Strait of Hormuz is forcing ships to take longer routes, resulting in significantly higher transportation costs. Consequently, there is a likelihood of rising inflation in India in the near future.
