The rising inflation has hit everything hard and the petrol price crisis is the main concern of every citizen across the globe and we could see some insane rise in petrol prices or say it has busted to the record high in most countries due to increase in crude oil barrels.
The only one safe from these cricis are the oil producing countries like Saudi Arabia and some other oil producing nations rest all are hit very hard from these financial burden.Here is an image for petrol prices globally and you will find Hong Kong on the top of it with average price per litre above $2.5 which is insane as at this rate $30 will fill half tanks only.
Crude oil prices historical data
The government is imposing further heavy tax on the products which in the last the common man is paying the cost for them.The main problem is not rising prices or inflation but have salaries been readjusting at the same rate or is revenue being generated at the same pace? The simple answer is No so that's why it is big problem for all of us.
This is another chart depicting the changes in petrol prices for over two decades.
The rate has been doubled in all these years and how could the economy will be improved at the same rate if people's savings will be spend on these essential commodities at such an increasing pace? But still there is no answer for these and these problems are not going to resolve easily and the money printing is not at all best possible solution.
Quote
Brent crude oil futures were up 93 cents, or 1.1%, to $85.79 a barrel by 1100 GMT, after hitting $86.04, their highest level since October 2018. US West Texas Intermediate (WTI) crude futures climbed $1.35, or 1.6%, to $83.63 a barrel, after hitting $83.73, their highest since October 2014.
The only one safe from these cricis are the oil producing countries like Saudi Arabia and some other oil producing nations rest all are hit very hard from these financial burden.Here is an image for petrol prices globally and you will find Hong Kong on the top of it with average price per litre above $2.5 which is insane as at this rate $30 will fill half tanks only.
Crude oil prices historical data
The government is imposing further heavy tax on the products which in the last the common man is paying the cost for them.The main problem is not rising prices or inflation but have salaries been readjusting at the same rate or is revenue being generated at the same pace? The simple answer is No so that's why it is big problem for all of us.
This is another chart depicting the changes in petrol prices for over two decades.
The rate has been doubled in all these years and how could the economy will be improved at the same rate if people's savings will be spend on these essential commodities at such an increasing pace? But still there is no answer for these and these problems are not going to resolve easily and the money printing is not at all best possible solution.