MONEY
Will petrol prices rise post elections? Govt says NO
Petrol and diesel prices in India are predicted to rise by ₹25–28/ liter once the state elections end, as per Kotak Institutional Equities.
However, the government has clarified that there is no such plan, with the petroleum ministry calling it 'Fake News' on its social media account.
Why this prediction?: State-owned oil companies are incurring huge losses of Rs 1600 crore per day, as per a recent PTI report. The burden may soon have to be passed on to consumers, analysts say.
What's in it for you?
- •AVOID PANIC: There could be panic buying of fuel before elections end on April 29, but the government's clarification may help avoid a rush at petrol pumps.
- •DO YOUR OWN CHECKS: Oil-marketing companies such as BPCL and IOCL update prices daily on their website.
- •HIGHER TRAVEL COSTS: If fuel prices are hiked, you may have to pay more for your daily transport. If you use autos or cabs, higher prices may reflect in the fares. The hike may also reflect in food and grocery delivery services and other mobility-based services.
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