Inflation pain to worsen: Petrol-diesel prices likely to jump ₹10/litre in coming weeks

New Delhi (The Uttam Hindu): The common people suffering from inflation in the country are soon going to face another major blow. After a ₹3 increase in petrol and diesel prices on Friday, there is no hope of further relief. According to the latest reports, petrol and diesel prices could be increased by as much as ₹10 per liter in the coming weeks. This decision by oil companies could be taken to compensate for their ever-increasing losses.

Prices may increase in two to three weeks

In a recent report, Emkay Global claims that oil marketing companies are almost certain to raise prices by ₹10 each to recover and manage their current losses. The report also clarifies that this significant increase in oil prices could either be implemented outright or within the next two to three weeks.

There is a possibility of a jump in the inflation rate as well

These continuously rising prices will have a direct impact on the common man's kitchen and household budget. The recent increase in the prices of petrol and diesel, as well as domestic gas cylinders and milk, could lead to a rise in retail inflation by up to 0.42 percent in the coming months. Leading economists have also expressed strong fears that the rising fuel prices will increase freight costs, making every daily essential commodity more expensive.

Companies are facing a loss of Rs 18 per liter

According to the report's data, oil marketing companies are currently facing a massive loss of 17 to 18 rupees per liter of petrol and diesel sold. This is despite the central government's attempt to provide relief by reducing excise duty by 10 rupees each in March this year. Experts believe that if prices are not substantially increased soon, oil companies could face a massive loss of 57,000 to 58,000 crore rupees in the current quarter.