Fuel prices in Panjim

Petrol price in Panjim has been quite unstable as the OMCs continue to revise domestic fuel rates every day. Also, the falling value of the rupee against the dollar has a direct impact on the prices of petrol and diesel. All these collectively have made the petrol price in Panjim a lot more expensive than before. It is expected that the government will take necessary measures to keep a check on retail prices of fuel. People that commute long distances should always be aware of the changing oil prices. As it will help them in planning their budgets. The working class of people is affected the most due to the rising rates of fuel as they have to pay more for food and other essential commodities.

Petrol price in Panjim

Today the petrol price in Panjim is ₹96.52. Petrol price in Panjim has touched new heights as crude oil prices increase.

Diesel price in Panjim

Fuel rates in India are reaching new heights due to the rising demand for crude in the global market. Prices of other petroleum products have also aligned with the current market rates. At present Diesel price in Panjim is ₹88.29. State taxes and dealer commissions also play an important role in fuel pricing.

Effect of increasing fuel prices in the country

Increasing fuel prices is also having a severe impact on the common people as well consumption has increased with the rising number of vehicles on the road. People who depend on public transportation for everyday commutes also pay high ticket prices.

It is a major factor impacting that transportation expenses in Panjim have increased significantly. Medium and small businesses are struggling to sustain themselves in the present economy as input expenses have increased. Now it is time for the government to actively take part in reducing fuel prices. Both the central and state governments should look into ways of reducing excise duties.

High excise duty on diesel and petrol

The government continues to impose high taxes on petrol and diesel as it is the most reliable source of revenue. India’s fuel consumption is the third highest in the world, but it lacks sufficient oil reserves. So more than 80% of the consumption comes from imports, which burdens foreign exchange reserves a lot. Currently, the Government of India is focusing on using alternative fuels and vehicles powered by electricity to reduce fuel consumption across the country. The centre is under tremendous pressure to check the exchange reserves and trade deficits. Also, the revenue earned by the government goes towards the infrastructure for the nation's development. The government is using this money to subsidize electric vehicles.

Impact of the rising price of everyday life

Petrol prices are increasing every day and it has a substantial effect on the everyday life of the working class. This section of the community is likely to get overburdened with such types of price hikes and an unstable domestic market. Besides It is making a severe impact on the economy as businesses and industries struggle with their input costs.

People are getting pulled towards the line of poverty making the conditions adverse. The poor and middle-class people are finding it difficult to keep up with their everyday expenses. The price of crude oil is also on the rise in the global market and has contracted around the world. As the major oil-producing nations have cut down production in the hope of earning more revenue from the global market.

Revenue compensation

According to the government taxes on fuel is necessary to compensate for the revenue losses during the pandemic period. Both the central and state governments are imposing high taxes on the retail price of fuel. In the present time, the economy is going through slow growth and high inflation. Even though the decision to increase fuel prices is unavoidable, it is having a substantial impact on the common man. With the current situation of the economy, people are likely to face a lot of uncertainty in the coming days. Retail of items like fuel and liquor has always been the most dependable form of revenue for the government. However, things are completely different in the present time and the government should reconsider taxes rates on retail fuel prices.

Conclusion

People can use the Park+ app and the website for checking the changing rates of fuel in Panjim and other parts of the country. As there are a lot of factors that influence fuel rates in the domestic market. With the help of the users can find a complete breakdown of the fuel prices and stay updated.