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Petrol, Diesel prices may increase again, indicates government

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Published on 11 Jun 2016 6:11 AM GMT

Petrol, Diesel prices may increase again, indicates government
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New Delhi: The central government on Friday indicated that there may be a increase in the prices of petrol and diesel if the crude oil prices in international market does not remain below 60 dollar per barrel.

The crude oil prices have already reached up to 50 dollar per barrel, which is the highest mark in last 11 eleven months, though, there is a slight decline but the Indian government is keeping a close watch on the prices.

Adverse effect of increase in crude oil prices:

  • Rise in crude oil prices may increase the petrol price by Rs. 3 per litre, while the diesel prices are expected to increase by Rs. 2 per litre.
  • Petroleum companies may also increase the prices of Kerosene oil.

What government says:

  • Finance Minister of State, Jayant Sinha, said on Friday, that the crude oil prices also affect the inflation.
  • “These prices also play a significant role to lower the import expenses of a nation,” stated Sinha.
  • He said that the rates of crude oil lying between 40 to 60 dollars are favourable for the Indian economy.

The price rise trend of Crude oil in India:

  • Prices for crude oil in India have increased upto 2 dollar in last one month.
  • This rise has resulted in increase of petrol and diesel prices by Rs. 3.5 and Rs. 3 per litre respectively.

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