Why are the prices of petrol and diesel rising in India? -General Knowledge

1 Answer

Answer :

As quoted by the Union Petroleum and Natural Gas and Steel Minister Dharmendra Pradhan, "The international market has reduced fuel production and manufacturing countries are producing less fuel to gain more profit. This is making the consumer countries suffer." Any product becomes expensive when it is imported for obvious reasons and because India imports 80% of it's fuel resources from other countries (Iraq, Saudi Arabia, United States and Nigeria), the prices of Fuel depends on the production and shipping of the product and due to COVID-19, the production and shipping has been hit and reduced/diverted very badly which is showing it's adverse effects now.

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