PETROL RATE HIKE AFTER ELECTIONS TO BURN MIDDLE-CLASS POCKETS

(The Quiver) : Petrol and diesel prices are to rise after elections. The prices were not increased for the past four months in view of assembly elections and further Russia-Ukraine war crisis are contributing for increase in petrol rates . Middle class people pockets are going to burn by petrol rates hike.

Oil prices hit over $130 a barrel on Monday after the US and European allies banned on Russian oil import, while delays in the potential return of Iranian crude to global markets sped up supply fears.

This comes as international oil prices have reached levels not seen since the 2008 financial crisis as disruption to crude and fuel exports from Russia has left the world short of supply.

State-run oil companies, which control the domestic market, have not raised prices since November 4, aiming to help Prime Minister Narendra Modi’s Bharatiya Janata Party in crucial state assembly elections including in the most populous state of Uttar Pradesh , as per the opinion of experts.

International crude oil prices shot above $120 a barrel for the first time in nine years . With this LPG cylinders are also getting costlier.