Petrol, Diesel Price In Purulia

After the recent revisions in the price of diesel and petrol in the country, the petrol price in Purulia has risen sharply. This is because the state-owned oil marketing companies are passing on high prices of crude oil to the end consumer. Petrol price in Purulia is becoming more expensive because of the fluctuations in global crude oil prices. According to experts, the excessively high price of fuel will impact the economy of the country in various ways.

Not to forget the following value of the rupee against the dollar regularly. Petrol price in Purulia is the highest in a decade. So people planning for a long journey should always check the current prices of fuel. This will be helpful in many ways before starting a journey.

Petrol price in Purulia

Today the petrol price in Purulia is ₹105.77 per liter. The exceedingly high price of fuel is evident in the day-to-day life of people as they struggle with their monthly budgets. It is a major contributor to the rising cost of food and other commodities. All types of products and services have become more expensive than before. Fuel is one of the most important components driving an economy. The fluctuating price of diesel and petrol severely impacts market growth.

Diesel price in Purulia

The diesel price in Purulia is ₹92.53 per litre. There is no denying of the fact that constantly rising prices of diesel are affecting businesses across all sectors. Industries are suffering from low revenue due to low demand. The rising price of fuel is also increasing the input expenses of a business. As food and other essential commodities become more expensive demand is decreasing. It is an alarming situation for the economy which is likely to turn worse in the coming days.

Rising fuel prices affecting the economy

If the prices of diesel and petrol continue to increase the economic growth of the country will take a massive setback. India's GDP will be the most affected by the rising prices of fuel. People need to note that a significant portion of fuel used in the country comes from imports. Also, the price of oil is not in the hands of the government anymore. After the deregulation of fuel prices in 2010, the state-owned fuel marketing companies determine the cost of petrol. Both diesel and petrol prices determine the cost of other commodities.

Rising demand for petrol and diesel post-Covid

The pandemic was a major reason for the rise in fuel prices in the global market. Every time there is an imbalance in the demand and supply of a commodity the prices will increase. The second reason is poor investments in the oil sector. The Indian government is mostly focused on promoting renewable and green energy. Crude oil prices will rise even more in the coming months. In the coming years cost of crude oil can become even more expensive.

India is largely dependent on diesel

The domestic economy is largely dependent on diesel. When the price of diesel goes up everything else also becomes more expensive. Inflation is high considering these things the government should take the necessary steps.

Inflation will affect the purchasing power of common people. This in turn will reduce demand. These factors together will result in a significant drop in the GDP of the country. Therefore, it is critical to cut down on the cost of fuel and help people sustain themselves. In India majority of the population comes under the middle-class category. The excessively high rates of fuel are causing families to spend more every month.

Declining rupee against the dollar

The falling value of the rupee against the dollar is another major factor for high fuel prices. As discussed before India imports over 86% of its crude oil from outside. With the declining value of the rupee, the government has to spend more on paying import bills.

Transportation becoming more expensive

Individuals that use public transport are already paying more to compensate for the losses suffered by public transport operators. As a consequence, the cost of logistics around the country is going up. People's expenses are increasing, so there is a need to rearrange the earnings. Poor and middle-class people are having a difficult time managing their expenses.

Conclusion

So it is important to keep track of the regular fluctuations in diesel and petrol prices. People around Purulia can use the Park+ app or visit the Park+ website to check the fuel prices. It also gives the user an idea about the trend in current fuel prices.