The pinch from rising fuel prices may not be limited to travel costs alone. After gasoline and diesel, a likely increase in consumer goods can also put a dent in your pocket. According to reports, prices for everyday items, such as soap, detergents and cooking oil, could rise 4 to 7 percent due to higher crude oil prices. Also Read – Gasoline and Diesel Prices Today: International Crude Oil Rate Falls From Three-Year High. Details here
The cost of consumer goods increases with rising oil prices because packaging materials, such as bottles, are made from petroleum derivatives. Apart from everyday goods, the cost of white goods can also increase, as the cost of freight includes 10 to 15 percent of the cost of consumer durables. Any increase in fuel prices directly impacts the cost of transporting white goods. Also read – Gasoline and diesel prices continue to fall. Check the fuel prices in your city
The prices of gasoline and diesel have increased in the country. The good news, however, is that global crude oil prices have started to decline following news of increased production from three major oil-producing countries: the United States, Russia and Saudi Arabia. . Also read – Gasoline and diesel prices remain unchanged before Diwali. Consult the latest prices
Last year, the prices of 178 items on the fast moving consumer goods list fell after the Goods and Services Tax (GST) was reduced to 18 percent from the previous rate of 28 percent . The gain may disappear with the increase in the input costs of these items.
Realizing that the government needs to control rising fuel prices before it starts to pinch people, Oil and Natural Gas Minister Dharmendra Pradhan said on Monday, the government plans to subject petroleum products to the GST in the long term.
Pradhan told reporters: âI have categorically stated this problem on several occasions. The current rise in oil prices is due to three main factors: the rise in the international price of crude, the fluctuation of the dollar and the ratio of Indian currency and some tax issues are also present. For long term solutions, the Indian government is considering a holistic strategy. The inclusion of petroleum products within the scope of the GST is one of them. We are sensitive, see how things evolve.