Petrol and Diesel Prices Hike in Karnataka: Fuel Costs Rise by ₹3 and ₹3.02

Keywords: Karnataka, petrol price hike, diesel price hike, fuel price increase, fuel cost, state government, oil marketing companies, consumer impact

Bengaluru, [Date]: In a move that will impact the wallets of Karnataka residents, petrol and diesel prices have been increased by ₹3 and ₹3.02 respectively. The price hike, effective from [Date], has been attributed to a combination of factors including rising global crude oil prices and the state government’s decision to increase taxes on fuel.

With this price increase, petrol now costs ₹[New Petrol Price] per litre, while diesel is priced at ₹[New Diesel Price] per litre in the state. This hike is expected to further fuel inflation, impacting transportation costs, consumer goods prices, and the overall economy.

Impact on Consumers:

The price hike is likely to have a significant impact on consumers across the state. Commuters will face increased transportation costs, while businesses will have to absorb the increased fuel costs, potentially leading to higher prices for goods and services.

Government Response:

The state government has not yet issued a formal statement regarding the price hike. However, the increase is seen as a move to generate revenue for the state, amidst a growing fiscal deficit.

Oil Marketing Companies:

Oil marketing companies, including Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL), have confirmed the price increase.

Outlook:

The fuel price hike is likely to remain a concern for consumers and the state government. It remains to be seen whether the government will consider any measures to mitigate the impact on the public.