In 15 days, petrol goes pricier by Rs 7 a litre
Prior to this hike the union government had increased the petrol and diesel prices by Rs 4.28 and Rs 2.24 a litre respectively on April 31.
In what may stoke inflation, the oil prices were increased twice in just 15 days with petrol going dearer by Rs 7 a litre.
Last week the Petroleum Ministry increased the petrol price by Rs 3.13 per litre and diesel by Rs 2.70 a litre. As per the revised price schedule the petrol and diesel are priced at 72.55 and 55.69 a litre in Srinagar.
Prior to this hike the union government had increased the petrol and diesel prices by Rs 4.28 and Rs 2.24 a litre respectively on April 31.
The two price hikes in last 15 days in petrol and diesel aggregate to Rs 7.41 and Rs 4.94 per litre respectively.
Experts opine that in coming days the fuel prices will further increase. “The rise in crude prices and decision of the oil companies to increase their profit margin will simply lead to further rise in petroleum prices,” they said.
However, the hike in petroleum prices during last one month has come after the country witnessed steep fall in oil prices.
Prior to these hikes, the petrol and diesel prices during past few months had sharply nosedived. While the petrol had witnessed price fall of Rs 12.09 a litre, the diesel rate had come down by Rs 8.34 a litre till March 2015 from August 2014.
The fuel prices started declining from August 2014. In Kashmir the petrol price on August 1 was slashed by Rs 1.09 per litre, on August 15 by Rs 2.09, on September 1 by Rs 1.84. In October there was further reduction of Rs 1.86, and in November prices were cut by Rs 2.30.
In the current month so far the petrol prices have been cut twice. On December 1 the petrol prices were cut by Rs 0.91 and on December 15 by Rs 2 a litre.
Similarly, in diesel segment, price reduction has been of Rs 8.39. On September 1, diesel prices were cut by Rs 3.36 a litre, on October 10 by Rs 2.09, on November 1 by Rs 0.98 and on December 15 by Rs 1.99 a litre.
However, from March 2015, petrol prices have once again increased bringing dismay to people in Kashmir.
“ After assuming power PM Modi directed oil companies to reduce rates to show results on ground, but after passage of time he has also resorted to similar tactics which were adopted by UPA government in increasing the prices of oil every fortnightly to serve interests of oil companies,” President, Hari Singh High Street Traders Association, Usman Fazal said.
He said the transport costs have increased due to hike in petrol prices which would stoke inflation.
Meanwhile, the commuters and students are also annoyed with the hike in petrol prices as the increasing oil rates affect their monthly budget.
