Fourth fuel price increase sparks inflation worries

Patna: City residents and transporters are bracing for a fresh wave of inflation after petrol and diesel prices were hiked for the fourth time in 12 days. The latest increase, triggered by volatility in global crude oil prices amid West Asia crisis, has pushed fuel rates to new highs and raised fears of cascading hikes in essential commodities and transport services.

Oil marketing companies on Monday increased petrol prices by Rs2.61 per litre and diesel by Rs2.71 per litre. Petrol in Patna now costs over Rs113 per litre, while diesel is nearing Rs100. In Nalanda, petrol has touched around Rs114 per litre and diesel Rs100. This is the steepest single-day hike in the current cycle. Earlier, on May 23, petrol prices were raised by 87 paise and diesel by 91 paise per litre.

For middle-class families, the repeated hikes have disrupted monthly budgets. “My scooter burns Rs500 worth of petrol every three days. Now the cost of running will shoot to Rs600,” said college student Anjali Sinha. “Cab fares, grocery bills, everything will go up. Even dairy products got costlier from today,” she added.

President of Petroleum Dealers’ Association Bijendra Kumar said rising crude oil prices in international markets and higher transportation costs forced the revision. “This will put additional financial burden on common people,” he said.

Kumar said fuel price hikes directly affect transport operations. “Truck, bus, auto and freight services become expensive, which eventually pushes up the prices of foodgrains, fruits, vegetables, milk and other daily-use items. Household budgets will feel the pressure,” he said. He added that agriculture would also suffer as higher diesel prices increase irrigation and tractor operating costs. He warned that if crude stays high, more revisions are possible.

“Diesel is Rs99.87 now. Truck and tempo fares will go up immediately. Every litre of diesel adds to our bill. This will reflect in mandi prices soon. Vegetables, fruits and ration coming from other states will cost more within a week,” said Rajesh Kumar, a transporter from Kankarbagh.

Renu Devi, a resident of Rajendra Nagar, said families had already started cutting down on travel. “Now we may also have to rationalise the kitchen budget,” she said.

Rajkumar Jha, general secretary of the All India Road Transport Federation, said auto and cab operators are also planning to revise fares soon. “We will consider the problems of common people while fixing fares so that commuters are not affected badly,” he added.