Feb 10, 2021
By: Navdeep YadavThe price has risen by over 50 percent since the end of October.
Credit: Business Insider India
… the oil-producing countries continued to limit production despite a sharp increase in demand.
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Credit: BCCL
Credit: Business Insider India
Fuel prices are determined by crude oil and forex rates — which is why the recent spike in Brent led to increased fuel rate
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Jagasheth said, “we believe crude oil prices are to range between $58-63/bbl in the near future.”
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According to Jagasheth, the uptick in crude oil could lead to petrol prices ranging anywhere between ₹85 to ₹100.
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“There is unlikely to be any respite to the common man as crude oil prices are only rising by the day.”
Credit: BCCL
Credit: BCCL
The government can cut the excise duty rates for the consumers to keep fuel prices lower.
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Currently, the central excise duty is ₹32.9 per litre on petrol and ₹31.8 per litre on diesel. This is separate for state taxes.
Credit: BCCL
Credit: Business Insider India