Petrol and diesel prices have been increased for the 12th time in this month today. Petrol has crossed 100 in more than half of the states of the country. In Delhi today petrol is getting costlier by 28 paise to 97.50 and diesel by 26 paise to Rs 88.23 per liter. So far this month, petrol has become costlier by Rs 3 27 paise and diesel by Rs 2 by 98 paise.
Petrol has reached Rs 100 per liter in 13 states of the country. Fuel has reached Rs 100 in all districts of Madhya Pradesh, Andhra Pradesh, Maharashtra, and Rajasthan. At the same time, petrol has crossed Rs 100 a liter in many places in Bihar, Telangana, Karnataka, Jammu and Kashmir, Punjab, Manipur, Orissa, Chandigarh, Tamil Nadu, and Ladakh.
Talking about the month of May, the price of petrol and diesel increased 16 times in this. Petrol has become costlier by Rs 4.11 and diesel by Rs 4.69 during this period. Talking about this year, on January 1, petrol was at 83.97 and diesel at 74.12, which is now at Rs 97.50 and Rs 88.23 per liter. That is, petrol has become costlier by Rs 13.53 and diesel by Rs 14.11 in less than 5 months.
Global brokerage house Bank of America has issued a research note. It has said in this note that Brent crude prices will remain elevated this year and next year. It will increase depending on the supply and demand of oil. With this, prices will cross $100 per barrel in 2022. The note said that we believe that there will be a recovery from the tremendous demand for oil globally. Due to this, it is not possible to get relief from the expensive prices of petrol and diesel in the coming days. Crude oil is currently at $75.
Wholesale inflation has reached a record level due to rising prices of petrol and diesel and increasing manufacturing costs. According to the Ministry of Commerce and Industry, the wholesale inflation rate has reached 12.94% in May. It was -3.37% in May 2020. Inflation based on the Whole Sale Price Index (WPI) has risen for the fifth consecutive month in May. Earlier in April also the rate was at 10.49%. In the wholesale inflation released by the government, it was said that inflation has increased due to crude petroleum, mineral oil. Because it made petrol, diesel, naphtha, and manufacturing products expensive.