Petrol, Diesel Price in Rajouri
Petrol in Rajouri is revised by the oil manufacturing corporations every day before 6:00 a.m. The excessively high cost of all forms of fuel in the country is having a severe impact on the everyday life of people. Petrol prices throughout the country are now highly volatile due to changing crude oil prices in the global market price. Also, the falling value of the rupee against the dollar is making petrol more expensive for India People setting out for a long journey should consider always checking the petrol price in Rajouri.
Petrol price in Rajouri
Today petrol price in Rajouri is ₹97.06 for every liter. A vehicle owner can also check and compare fuel prices across the state. The retail price of both diesel and petrol comprises state taxes and dealer commission.
Diesel price in Rajouri
At present diesel price in Rajouri is ₹82.72 for every liter. It is always a wise decision to check and compare diesel prices continue to fluctuate.
Impact of global crude prices on the Indian economy
It is no surprise that the prices of diesel and petrol in the country have skyrocketed. It is largely because of the gap between demand and supply. Whenever the demand is more than the availability the price of a commodity rises. Petrol and diesel are no exception as their demand is in rising steadily. However, the major oil-producing countries have cut down on production. The war between Ukraine and Russia is another reason for the rising price of crude oil. Geographical tensions are now one of the major reasons behind the rising cost of fuel.
Geopolitical factors affecting oil prices
There are several geopolitical reasons in India causing an increase in the prices of fuel. Lately, there has been a lot of instability among oil-producing nations. Countries like Iran, Venezuela, Russia, and Saudi Arabia have cut down on their production. Increasing oil prices is helping them generate more revenue. As a result, they are not willing to increase supply even when the demands are high.
Since none of these oil-producing nations is willing to increase the supply of oil. Experts believe that the price of crude oil will increase even further. An increase in the price of oil is bad for an economy like India.
India’s dependence on oil import
As is known to everyone India is highly import-dependent. Being a developing country energy consumption is quite high. The lack of sufficient oil production compels India to import more than 86% of its oil consumption. The prices of oil have doubled over the last few months. Also, the import bills of the nation are quite high. The decline in the value of the rupee is further impacting the situation.
The depreciating value of Indian currency
The Indian rupee has been constantly depreciating against the dollar. It is mostly because more people at trying to convert rupees into dollars. Also, a significant portion of the forex reserve is draining to pay the import bills. The current situation is putting tremendous pressure on the Indian rupee. The result will be a drop in the value of Indian currency. It is likely to create a vicious cycle and impact the domestic economy.
Impact of oil prices on the industry
Almost every sector in the Indian economy is affected by rising fuel prices. The automotive sector is a major contributor to employment and revenue. However as the prices of diesel and petrol price only a handful of people are willing to purchase new vehicles. The sale of commercial vehicles has also gone down because of the high prices of fuel. All these factors affect the profit margins of automakers. On the other hand manufacturing facilities are suffering from high input costs and low demands due to high oil prices.
End consumers pay more for everything
Indian consumers are suffering the most from rising fuel prices. On one hand, the income of an average individual is not increasing due to the recession in the market. On the other hand, increasing petrol prices is causing them to spend more. The rising price of diesel and petrol is leading to inflation. There is very little scope for discretionary spending. The result of the vicious cycle impacts the economy.
The increasing oil prices will have a severe impact on the economy as well as the government. Experts fear that the country's GDP will fall significantly because of the rising oil prices. It is a major threat to the Indian economy. People worried about increasing the price of petrol and diesel should keep a check on the daily fluctuations. The Park+ app and the Park+ website are one of the best places to check the daily prices of fuel in the state.