Fuel Price in Haridwar

The transport system in the city of Haridwar serves a crucial function in the city as it has many local markets and has to deal with a huge tourist population every year. So, the petrol price in Haridwar has a big influence on the city's overall economic health.

Petrol price in Haridwar

The current petrol price in Haridwar is INR 92.74 per liter. The fuel price includes the central excise duties and the Uttarakhand state taxes.

As the price of all goods is directly proportional to the price of petrol, people here have concerns regarding how much the cost might rise next year. The Uttarakhand government does collect high tax revenues on the sale of petrol here, which is further adding to the woes of the people living here.

Diesel price in Haridwar

The current diesel price in Haridwar is INR 87.59 per liter.

The increase in the price of global crude oil has pushed up the diesel price. The price of petroleum products is in strong alignment with market prices.

So, with the rupee falling behind the US dollar and the rise in the price of global crude oil - the price of diesel will go up from here on and vice versa.

Impact of rising fuel prices on the economy

Due to a myriad of factors including the post-pandemic supply chain shock and the Russia-Ukraine conflict, the crude oil price per barrel is only going up every day. This has put a huge amount of pressure on the Indian economy.

On top of that, the falling value of the Indian Rupee is making things worse. There is a global shortage of oil barrels and the supply-demand imbalance, experts feel is going to get even worse.

Given below are some of the major effects of rising oil prices on our economy:

• Rising Inflation - On average, a 10 percent increase in crude oil price results in a 0.9 percent increase in the Wholesale Price Index (WPI) in India. This would also worsen inflation and impact the Consumer Price Index (CPI) significantly.

• Fall in Currency Value - A 10 percent increase in oil prices, increases India's current account deficit (CAD) by 0.4 percent of the Gross Domestic Product (GDP). This adversely impacts the national currency.

• Higher Taxes - A positive effect that comes from the rising crude oil price is that the state governments and central government will get higher tax revenues under the current tax regulations. Tax revenues on LPG and kerosene will also go up.

Conclusion

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