As predicted the petrol and diesel prices have gone up from 27 to 30 paisa. This is the first time that the fuel rates have gone so high in recent times. People predicted that Petro rates will go up because of the financial crunch in the world.
But the rates have gone up due to the drone attacks on the oil reserves of Dubai. There is a prediction that the rise might further go in the near future. Due to hike in the fuel prices all other rates of essential commodities will go up it is reported.
First, the transport rates will go up and later the essential commodities transported will also go up. There is a chance that the LPG rates will also go up to some extent.
Whenever the fule rates rise, the rates of all the other commodities will go up in a phased manner wiht the cascading effect. it has to be seen how far this price rise would be arrested by the Government.
Minister for finance Niramala Seetharamn has bee taking several measures to contain the price rise across the nation. So many changes have been announced in the tax system and also GST system. But still, the rates are climbing up. The Government is unable to contain the price as expected by the people.
