Petrol Price Today: Petrol and diesel prices remained unchanged for the 13th consecutive day on May 22, 2023. The prices have been on a steady rise since the beginning of the year, and are currently at their highest levels in history.
In Delhi, petrol is priced at Rs 96.72 per litre, while diesel is priced at Rs 89.62 per litre. In Mumbai, petrol is priced at Rs 111.30 per litre, while diesel is priced at Rs 97.28 per litre.
The rise in fuel prices has been attributed to a number of factors, including the increase in crude oil prices and the weakening of the rupee against the dollar. The government has taken some steps to mitigate the impact of rising fuel prices, such as providing a subsidy on LPG cylinders and increasing the excise duty on petrol and diesel.
However, these measures have not been enough to prevent the prices from rising. The high fuel prices are putting a strain on the budgets of households and businesses, and are also contributing to inflation.
The government is under pressure to take further steps to reduce the impact of rising fuel prices. Some experts have suggested that the government should reduce the excise duty on petrol and diesel, while others have suggested that the government should introduce a fuel price stabilization fund.
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It remains to be seen what steps the government will take to address the issue of rising fuel prices. However, it is clear that the high fuel prices are having a significant impact on the Indian economy.
7 Day Petrol Price and Diesel Price
| Day | Petrol Price (Rs/L) | Diesel Price (Rs/L) |
|---|---|---|
| Monday, May 16 | 96.72 | 89.62 |
| Tuesday, May 17 | 96.72 | 89.62 |
| Wednesday, May 18 | 96.72 | 89.62 |
| Thursday, May 19 | 96.72 | 89.62 |
| Friday, May 20 | 96.72 | 89.62 |
| Saturday, May 21 | 96.72 | 89.62 |
| Sunday, May 22 | 96.72 | 89.62 |
As you can see, the prices of petrol and diesel have remained unchanged for the past week. This is due to the fact that the government has not increased the excise duty on petrol and diesel. The government has taken this decision in order to provide relief to the people from the rising cost of living.
Impact of Rising Fuel Prices
The rising fuel prices are having a significant impact on the Indian economy. The prices of essential commodities, such as food and transportation, are rising, which is putting a strain on the budgets of households and businesses. The high fuel prices are also contributing to inflation, which is making it more difficult for people to afford basic necessities.
The rising fuel prices are also having a negative impact on the Indian stock market. The Sensex and Nifty indices have been declining in recent weeks, as investors are worried about the impact of rising fuel prices on corporate profits.
The government is under pressure to take steps to reduce the impact of rising fuel prices. However, it is difficult for the government to do so without increasing the fiscal deficit. The government is also facing pressure from the International Monetary Fund (IMF) to reduce its fiscal deficit.
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It remains to be seen what steps the government will take to address the issue of rising fuel prices. However, it is clear that the high fuel prices are having a significant impact on the Indian economy.