Petrol prices in India on two-wheelers have been on a consistent rise for quite some time now. Despite the Indian government announcing a reduction in these prices, they remain stagnantly high. This has started to affect two-wheeler owners dramatically, making them break the bank.
Essentials like commodities and transportation costs are not being met conveniently due to this spike in petrol prices. But there is so much more that is happening due to this problem. Is there any hope for relief from this anytime soon? Let us find out!
The Soaring Petrol Prices With Soaring Reasons
Before the pandemic hit India, two-wheeler owners were paying an amount of Rs. 900 for a full tank of petrol. Today, the price has risen to Rs 1,500. The prices have been soaring further in recent months, leaving all two-wheeler owners piercing through ways to find relief. But why are the petrol rates increasing at all?
Crude oil is the foremost component of Petrol. With its prices rising on an international level, the price of petrol is also on an inevitable rise. The political conflict between Russia-Ukraine has also kept it elevating over time. Sources suggest that an exchange rate between the US Dollar and Indian Rupee has also led to a rise in these prices here.
The Impacts Of Petrol Price Hike In India Are Colossal
The rise in petrol is ever-increasing. But this increase comes with more cost than one. Today, it has started to affect a multitude of industries. Most of them are incurring colossal losses, leading so many of them to shut down their business permanently. Economic growth is also obviously impacted by consumer spending going downwards and inflation inflating. Political turmoils have also become more common than ever now, where parties are scorning the central government for the petrol price hike.
People have now started shifting to public transport to mitigate their spending. The crippling price hike is thereby consistently damaging the pockets of households. Recently when Sunil Sinha, Chief Economist at India Ratings & Research, was interviewed about this, he stated,
“Even the slightest possibility of a petrol price hike for one more time is enough to leave all household owners in freight for their finances.” He further added, “as soon as the petrol prices rise again, the daily consumable item prices will rise along the way.” Such possibilities are leaving all consumers jarred and hoping for respite soon.
The Bottom Line
- The high petrol prices are not only making the household owners shriek when they get the bill. It is also leaving the large fleet operators hurt.
- Appeals to review these soaring petrol prices are being made time, and again so Indian citizens can expect faster relief. But whether or not these appeals will be addressed in the same way as expected is a question of importance.
- Until then, two-wheeler owners continue to bear the brunt of these rising prices and hope for a better future.