Petrol, diesel prices to go up from tonight? Here's what you need to know

To combat growing inflation, the central government could lower the excise on fuel and diesel by Rs 3 or Rs 4. 

New Delhi: As a result of Russia's disruption in crude and gasoline shipments, international oil prices have reached levels not seen since the 2008 financial crisis, leaving the world in short supply.

Investors are afraid to invest either in the stock market or the bullion market. Because of the global record spike in crude oil prices, the rupee has reached an all-time low against the dollar. Oil prices have also risen in tandem with this.

According to Sudhir Bisht, former executive professor of Indian Oil, Russia sells 12% of the world's crude oil and India ranks third in the world in terms of fuel imports. As a result, an increase in the price of crude oil in India is almost probable. It is feared that the price of gasoline and diesel will skyrocket starting tonight.

To combat growing inflation, the central government could lower the excise on fuel and diesel by Rs 3 or Rs 4. However, if state governments drop the tax, the chances of this happening decrease. Let us inform you that if the prices of petrol and diesel rise, Europe would suffer since it is so reliant on Russian oil, particularly gas. As a result, the price of petrol in India might rise from Rs 10 to Rs 16 per litre. Simultaneously, diesel prices may rise by Rs 8 to 12 per litre.

Brent crude oil has reached $ 139 per barrel on the international market. Crude is at a nearly 14-year high. Crude prices have risen sharply as a result of limited global supply and the threat of further shortages. As a result, crude oil prices will rise even further in the coming month.