Why are Oil prices rising and its impact!

NewsDesk    11-Oct-2021
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As consumers, sharp petrol and diesel price hike is burning a hole in our pockets. The government seems to not have any control over the sharp fuel price surge over the past months even as the COVID-19 pandemic situation improves across the globe. The fuel prices hiked again on Monday completing one full week of increases that has taken in retail rate to record high levels across the country. In the national capital, petrol price rose 30 paise per litre and diesel was hiked by 35 paise per litre. The prices of petrol and diesel have crossed the Rs 100 per litre mark in many states including Assam, pinching the common man’s pocket.The rise in crude prices has contributed to petrol and diesel prices hitting all-time highs in India.According to the report of IANS, petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 12 of the previous 14 days taking up its pump price by Rs 3.25 per litre. The impact of this is clearly visible on the stock market with growing fears of inflation, impact on currency value and input costs to companies across all sectors.