Fuel oil prices may increase again across the country. Experts believe that this may happen as soon as the results of the Lok Sabha elections are announced.
Petrol-Diesel prices in India have not seen such a rise in the past several months. But after the announcement of Lok Sabha election results tomorrow i.e. Tuesday (June 4, 2024), various sources have claimed that fuel prices are likely to go up. So experts are advising to fill the tank of car or two-wheeler in advance.
The price of fuel may increase after the election
The Petroleum Minister announced a reduction of Rs 2 per liter in petrol and diesel prices in March 2024 as per the decision of the government and oil marketing companies. The new rates were implemented from March 15. BJP leaders hailed it as a welfare move by Prime Minister Narendra Modi for the people of the country. However, the opposition did not give up saying that this is a strategy to garner public support.
It is assumed that the fears of the opposition parties in the country may be true. After the election results are announced on Tuesday, petrol-diesel prices are expected to rise. Maybe not soon, but it's inevitable. Meanwhile, due to various problems in West Asia, the price of crude oil has increased greatly in the international market. Due to which the oil sellers of the country have to bear additional burden as a result of reducing the price by 2 taka per liter from March 15. Therefore, experts believe that the price of fuel oil can be increased quickly after the Lok Sabha polls in India.
Incidentally, the price of fuel oil in the Indian market depends on various factors. One of which is its price in the international market. There is also the burden of taxes and cesses imposed on oil by the central and state governments. Almost every government considers selling oil as one of the ways to generate huge revenue.
