NOC’s eye for profits through fuel prices contributes to rising inflation

The government, on March 9, raised the price of milk by Rs 14, taking the price from 86 to 100 per litre. Three months before the price hike, the National Dairy Development Board under the Ministry of Agriculture and Livestock Development conducted a study in which it concluded that the cost of milk production had almost doubled due to the increase in fuel prices. As per the suggestion of the report, the price of milk was raised by 50 per cent.

The increase in fuel prices over the course of the past year has affected the prices of public transportation, airfare, and everyday consumables. As prices of crude oil increased internationally due to the ongoing Russia-Ukraine war, the price of petrol, diesel, kerosene, cooking gas and aviation fuel went up drastically in the past year.