As you all know that price of petrol and diesel going up now a days. Choose the most appropriate reason for the same. *
Answers
Answer:
Increasing central and state taxes on petrol and diesel are the key reason for the prices of petrol and diesel being at record highs, even though the price of crude oil is only 3.5 per cent higher than at the beginning of 2020, before the Covid-19 pandemic led to a sharp fall in the demand for crude oil.
Rising fuel prices impact citizens' lives because steep fuel prices lead to higher inflation. It affects prices of other essential goods. The value of essential commodities like food , medicines etc have been adversely affected by a rise in fuel prices.
When gasoline prices increase, a larger share of households' budgets is likely to be spent on it, which leaves less to spend on other goods and services. The same goes for businesses whose goods must be shipped from place to place or that use fuel as a major input (such as the airline industry).
Mark as brainliest please
Explanation:
Answer:
India has the highest taxes on fuel in the world.
Though firm global crude and product price is the reason for the increase in retail price of petrol and diesel, it is interesting to note that even though crude has been hovering just over $55 a barrel for a long time earlier, OMCs had gone in for both a pause in price of auto fuels as well increase in its retail prices on consecutive days.