new Delhi. Last year, the prices of the car were increased several times by different automakers. This year too, there is going to be a new jump in prices due to rising fuel prices and rising input costs in the international market. With the rise in crude oil prices in the world, the domestic oil marketing companies are expected to announce a price hike in India soon.
Petrol and diesel prices in India have remained stable since the central government announced a cut in excise duty in early November last year. After this, VAT was reduced by the state governments. However, due to the ongoing Russo-Ukraine war in Eastern Europe, the prices of crude oil are increasing rapidly in the international market.
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According to an ICRA report, domestic petrol and diesel prices in India are lower by up to Rs 8 per liter in the Indian market as compared to crude oil prices in the global market. Global crude oil prices have already crossed $107 a barrel, which is a seven-year high for the price of oil in the international market.
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This will increase the cost of raw materials due to rising petrol and diesel prices in India. The shortage of aluminum in the international market, chip shortage and other supply chain disruptions are also going to affect the price of the vehicle. The ongoing conflict between Russia and Ukraine may prove to be a double blow for private vehicle buyers in India, as prices may rise. Go north due to input cost on one hand, while on the other hand the waiting period of vehicles will get longer for buyers, with expected disruption in chip supply.
Tags: auto news, Autofocus, Car Bike News, Petrol New Rate, Russia
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