The surging fuel prices are pushing up to the peak. So what are the Reasons and what should be Done?

The surging fuel prices are pushing up to the peak. So what are the Reasons And What Should Be Done?

Petrol and Diesel is the necessity of every human being. Every man in this universe needs fuel. Without Petrol and Diesel, we cannot imagine the world. Vehicles need fuel through which we can travel all over the world. But Day by Day the prices of petrol are reaching the sky. Prices of petrol and diesel must be decreased as soon as possible, OR it will be intolerable for a person to manage his family and their needs. Petrol and diesel prices in smaller cities are being increased with the high prices.  months 

Petrol and diesel prices have increased much in the last 8 months ever increased.

Computation Of Prices Of Petrol And Diesel

We can say that the prices of petrol and diesel have been increased by the estimated correlation of prices from 2014 to 2021. Observations are there of approximate prices down as follows

What Are The Reasons For Increasing Prices Of Petrol And Diesel?

Nowadays, day by day, India is coming with the increasing prices of petrol. Compared to the previous few years, the rate of petrol and diesel has increased much that a middle-class person who does not have an extra income other than his job is impossible to afford petrol and diesel. The genuine reason for increasing prices of petrol and diesel is the high levy of local taxes. Another reason may also be because of the highest vehicles quantity all across India. If we see an estimation every year, approximately 2.3 million, only the cars are sold every year.

Excise Duty Charged By Central And State Government Is Also A Reason For High Prices. Isn't It? 

The Base Price and the charges after-tax levied are as follows of petrol.

Likewise, The Base Price and the charges after tex lived are as follows of diesel.

International Fuel Prices As Compared To India?

As of June 14, 2021, the prices of petrol and diesel compared to the rest of the world are as follows.

From the above data, we can conclude that India has many prices India as compared to our neighboring countries.

Freight and processing charges

I, India, imports fossil fuel from various countries such as the USA, Australia, UK, UAE, Iraq, Saudi Arabia, Canada, and many more. India can produce fuel, so it imports nearly 80% of petrol and diesel from other countries. This import of fuel also leads to Crude oil, freight, and processing charges to the dealer. These charges are afterward lived from the customers by the dealers who also make the fuels expensive.

Petrol and diesel are the fuels that are 'decontrolled,' controlled by the market forces. The retail price of petrol and diesel in India is linked to the global crude prices.

What steps could be taken to bring down the prices of petrol and diesel?

1] 60% Of taxes and duties are levied on fuels. Thant should be cut down

2] State Government should also cut down taxes on petrol and diesel.

3] OMC should decrease crude oil prices.

Let's hope that the government of India would soon take major steps on it and decrease the price of fuels.