Nearly every commodity in India has reached all-time high prices: Fuel, gas & consumer goods hit by inflation
Fuel prices increased by Rs. 7.2 in the last 10 days, while commercial gas prices rose by Rs. 250, with changes in almost every commodity be it food, grains, vehicles, medicines and more.
From fuel & gas, to medicines, cars, toll-tax, and even food items, everything has risen above the pre-COVID levels to an all time high which has now begun hurting the pockets of common civilians.
Commodity prices are on the rise owing to the ongoing global tensions, prompting growth downgrades and an elevation in inflation projections.
Analysts are of the opinion that the Reserve Bank of India (RBI), at the upcoming April 8 policy meet, may be forced to pivot to a ‘neutral’ stance. RBI is also seen increasing its CPI projections as well as downgrading its growth projections.
Jet fuel prices were raised by 2% on Friday, the seventh straight increase this year, to an all-time high, reflecting a surge in global energy prices. According to a price notification by state-owned fuel retailers, aviation turbine fuel (ATF) – the fuel that propels planes – has been raised by Rs 2,258.54 per kilolitre, or 2%, to Rs 1,12,924.83 per kilolitre in the national capital.
Following a one-day pause, the price of petrol was increased by 80 paisa on Saturday, April 2, while the price of diesel was also increased by 80 paisa today, according to a notification by state-owned oil marketing companies (OMCs). As per the OMCs, today’s petrol price in Delhi was Rs 102.61 after the hike, while petrol price in Mumbai was Rs 117.57. In the last 12 days, India’s fuel and diesel prices have been raised a total of ten times. In the previous 12 days, the price of petrol has risen by Rs 7.20.
Crude oil fell on Friday as the International Energy Agency (IEA) decided to participate in the largest-ever release of US oil reserves. After U.S. President Joe Biden announced the release on Thursday, both Brent & US crude benchmarks fell nearly 13%, their worst weekly drops in two years.
Consumer goods like packages food items, electronics, vehicles and even essential items like medicines are seeing a massive sudden spike in prices which is now witnessing protests by opposition across the country, however, there is no response from the government authorities, neither an action as to what steps are being taken to ease the strain on public.
