Congress leader Rahul Gandhi has condemned the steep hike in fuel prices and stated that the government is playing a ”cruel joke” on the public.
Both petrol and diesel prices have skyrocketed and are currently at record high levels. Petrol has crossed the Rs 100 per litre mark in all major cities in the country while diesel follows closely at around Rs 99.
A surge in international crude oil prices is said to be the reason for the hike in fuel prices. Experts are concerned about this sharp rise in prices as it may have a devastating impact on emerging economies that import a large quantity of crude oil. India is said to be one of the largest importers of crude oil in the world.
Inflation is also expected to rise sharply in the coming months due to the steep rise in fuel prices and will be felt in the marketing sector. This can lead to subdued consumer demand, which is one of the key factors of economic growth.