Days 11 Hikes: Petrol And Diesel Prices Rise Once Again

Representative

According to the analysts, the continuous increase in petrol and diesel prices is related to the weakening of the rupee against the United States dollar.

In Mumbai, petrol price touched a new high of Rs85.29 per litre and diesel climbed hit its highest ever level of Rs72.96 amidst the relentless rise in global oil prices. The cost of petrol in Delhi today is at Rs 77.47/litre, and those having diesel cars will have to dish out Rs 68.53 per litre.

It is known fact that the crude oil prices determine the fuel rates in our country.

Prices of the key transportation fuel in the other major cities of Kolkata, Mumbai and Chennai were at Rs 80.47, Rs 85.65 and Rs 80.80 a litre, up Rs 3.15, Rs 3.17 and Rs 3.37 from the levels on 13 May, according to the data on the International Olympic Committee website.

Whenever there is a rise in the prices of petrol and diesel a very strong resentment grows among the general public in India against the prevailing government for its failure to control the prices. With fuel prices going up for the eleventh continuous day, demands to cut excise duty or state Value-Added Tax have grown louder.

During the Delhi elections in 2015, PM Modi lauded his "oil luck" of how because of his good luck, prices of petrol and diesel get reduced and the common man saves more.

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With this increase, petrol has touched an all time-high, breaching the previous high of Rs 76.06 touched in Delhi on September 14, 2013. I believe a permanent solution to this problem lies in the inclusion of auto fuels under the GST to bring uniformity of taxes on petrol and diesel otherwise "fuel on fire" situation will keep coming as has come after four years to confront Modi government.

"The Centre has taken this (fuel hike) under consideration".

As on date, taxes account for half of the price consumers pays for petrol and diesel. Unlike excise duty, Value-Added Tax is ad valorem and results in higher revenues for the state when rates move up.

Sanjiv Singh, Chairman and Chief Executive Officer (CEO) at Indian Oil Corporation (IOC) and M.K Surana, Chairman of Hindustan Petroleum (HPCL) in separate statements told media that the government has not called a meeting to discuss the fuel price issue.

As per a report by Times of India, Central government has benefitted the most by the hike in petrol / diesel prices. Earlier, I used to spend Rs 6,000-7,000 on my petrol budget, now I spend almost Rs 10,000.

He said diesel prices in diesel prices are falling in several States, but not in Telangana due to wrong policies of TRS Government. It is result of this all that petrol prices have hit highest level under present government and diesel too is at record high these days.

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