Despite series of measures announced by the Central government to curb relentless hike in oil rates across the country, the prices are still soaring and how. Finance Minister Arun Jailtley on Monday said that it was due to the global phenomena occurring owing to the squeeze on oil production and the US-China trade war. “These are impacts of a very significant ongoing global phenomena. You have at least three, if not more, indications of the nature of things which are happening globally,” PTI quoted Jaitley as saying.
“One is the squeeze which has been put on oil production, upsetting the demand-supply ratio which is increasing the crude oil prices. The second is the trade war and we don’t know when we are going to see the end of it. It, of course, impacts a major currency in our region – China (sic),” Jaitley added further.
According to news reports, petrol price has witnessed massive hike as retail prices in Delhi has climbed up by 15.4 per cent since the start of this year. On January 1, petrol in Delhi was sold at 69.97. Likewise, diesel prices too have seen a jump by 22 per cent since January 1 when it was sold at Rs 59.70 per litre.