Why is the petrol price regulated?

Petrol prices are regulated to stabilize the economy, protect consumers from volatile market fluctuations, and ensure fair access to fuel. Governments often intervene to control prices due to the essential nature of petrol for transportation and commerce. Regulation can also be aimed at maintaining a balance between domestic fuel production and global oil prices, as well as to support local industries and promote energy security. Additionally, it helps in managing inflation and protecting lower-income households from excessive costs.