It will be a travesty of facts that the country currently is battling the Covid pandemic only. The on-ground realities will speak volumes that it’s also a similar fight in getting out of the financial distresses which the pandemic and the lockdown have caused. Regaining of the lost livelihoods which has remained an uphill task till now is becoming more and more unmanageable due to a host of reasons and the back-to-back hike in fuel prices over a week and more is an addition to the list. While the entire nation is engaged in the task of keeping at bay the marauding pandemic, this news has hardly evaded attention and has made the common people more tense with the escalating fear that there will be deeper holes in pockets.

The first working day of the week has been quite disheartening for the economy reeling under tremendous pressure, factually well before the onset of the lockdown. For the ninth consecutive day since June 7^th, petrol and diesel prices after daily increments have now gone up by Rs 5 and Rs 4.87 per litre respectively. It can be recalled that international oil prices during the third week of April witnessed a dramatic low and although there were wide expectations that its benefits will be passed on to the consumers, nothing really had happened. There is an apparent justification that since due to the pandemic which resulted in complete shutdown of all economic activities, resulting in drying of the exchequer, the government was compelled to offset the revenue loss by hiking the excise duties. But as the international prices were far below the usual per-barrel prices, the pinch wasn’t felt to that extent compared to now. While the international crude oil prices and rupee-dollar exchange rates are the basic factors in determination of oil prices in the country, with the recent rise in global oil prices along with a weak currency, there is an indication that in the coming weeks there might be a further increase. There is also no surety that lower international oil prices, if any, will lead to a drastic drop in India’s fuel prices as additional levies citing the reasons of economic crisis due to the pandemic might be imposed.

Based on common observation, it must be said that the existing economic crisis will be getting more and more deeper due to this exorbitant price rise with serious repercussions all over particularly on inflation. At a time when most of the avenues of income, especially for those falling under the informal sector are blocked due to the pandemic, this at-a-stretch fuel price hike is a cause of real worry.

Central government should reassess the ground realities and for the common man, revive the welfare economics agenda. 

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Kenter Joya Riba

(Managing Editor)
      She is a graduate in Science with post graduation in Sociology from University of Pune. She has been in the media industry for nearly a decade. Before turning to print business, she has been associated with radio and television.
Email: kenterjoyaz@easternsentinel.in / editoreasternsentinel@gmail.com
Phone: 0360-2212313

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