Petrol and diesel prices hike from last four days, here is the reason
For representational purpose
After being stable for the 84 days due to the fall in crude oil prices on March 16, the petrol and diesel prices have been increasing from the last four days. The sudden hike of the fuel prices is attributed to the hike in international crude oil prices and downfall of rupee. Going by the statistics for the last four days an overall hike Rs. 2.14 on petrol and Rs. 2.23 on diesel is witnessed.
As predicted earlier, the oil companies have started revising the fuel prices to recover the losses incurred due to lockdown and poor consumption. It is expected that the oil companies may rise further in the coming days due to increase in crude oil rates internationally.
On the other hand, experts predict that there could be fall in prices that the fuel prices may fall due to less consumption amid the weak rupee dollar exchange rate. Despite the experts predict that the oil markets improving, they are hoping that the oil markets would collapse due to lower demand amid economic crisis resulting in fall of petrol and diesel prices.
It is also likely that the prices of petrol and diesel would not drop as the governments have been increasing the taxes.