Why we pay more?

 

Over the past few days, petrol and diesel prices have risen sharply in India, following a strong turnaround in foreign crude oil prices and a poor rupee-dollar exchange rate.

The price of petrol has increased by approximately Rs 2.14 per litre over the past four days, while diesel has increased by Rs 2.23.

Petrol and diesel prices could increase further in the coming months as oil firms try to recover losses Another factor behind the increase is a sharp turnaround in global crude oil prices over the past few days, albeit a recent decline due to concerns of over-supply.

This is why India's oil producers have passed on the rise to clients and if there is more change in the future of the global oil industry , consumers will have to shell out further.

Many oil market monitoring experts and analysts claim the fundamentals remain fragile and prices could plunge again due to lower demand. They feel that only if the thirst for oil increases can the market steadily rebound.