Skyrocketing fuel prices have not only derailed the budget of automobile owners, but also made small-scale industrial units suffer as a 50 per cent jump in furnace oil prices threatens to jeopardise Jalandhar-based hand tools, pipe fittings, nut-bolts and auto-part manufacturers.
Furnace oil, which is used for casting, moulding, annealing and forging, has seen a Rs 15 per kilogram jump. The petroleum product, which was being sold around Rs 30 per kg in April this year, is now available at Rs 45 per kg, local manufacturers said.
Manufacturers are worried as the price of furnace oil is on a continuous rise in the past six months and seeing the global trend, they do not expect any immediate respite. While global crude oil prices are on the rise due to geo-political reasons, Indian consumers are finding petroleum products costlier because of a sharp depreciation of the rupee against the dollar. India imports almost 85 per cent of crude oil it processes and pays in dollars. Read More